Your friend just purchased a new sports car for $32,000. He received $6,000 for his trade in and he used that money as a down payment for the new sports car. He financed the vehicle at 6.76% APR over 48 months with a monthly payment of $619.71. Determine, from the information given, the installment price of the loan.
The installment price of the loan is the total of the monthly payments. Multiply $619.71 by 48 months: $619.71 × 48 = $29,746.08. So the correct choice is $29,746.08.
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