Question 8 • Financial Algebra/Mathematics
The down payment is 15% of $25,230, so the amount financed is $25,230 × 0.85 = $21,445.50. For a 36-month loan at 6.71% annual interest, the monthly payment is about $659.33 using the standard fixed-payment loan formula. Multiplying by 36 gives about $23,736 in total loan payments, so the closest choice is $23,735.88.
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