9
QuizMultiple Choice

Amortization

Question 9 • FT GMS AMDM B IC – 72

Nobu has just made the last payment on his car. The lifetime of the loan was 48 months. The bank financed him for $18,000 at 6.76%. How much did Nobu actually pay, after he has made the last payment, for his car?

Answer
A
$18,000
B
$19,205.33
C
$20,593.44
D
$21,233.12
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