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Dennis has just made the final monthly payment necessary for paying off his car financing. When he purchased the car three years ago, it had a list price of $23,878. Dennis traded in his good-condition 2001 Honda Odyssey and financed the rest of the cost at an interest rate of 11.82%, compounded monthly. The dealer gave Dennis 85% of the trade-in value of his car, listed below. Dennis was also responsible for paying 9.05% sales tax, a $1,474 vehicle registration fee, and a $225 documentation fee.

Required:
All told, how much did Dennis pay in interest?

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anthougo

Using an online auto loan calculator, the total amount in interest paid by Dennis for the car is $689.92.

What is interest?

Interest is the finance charge or expense incurred for taking an auto loan.  Loans usually come with interest rates.  The interest amount is computed as a percentage of the loan amount.

Auto Loan Calculator:

Total Price Monthly Payment

Auto Price = $23,878

Loan Term = 36 months (12 x 3)

Interest Rate = 11.82%

Down Payment = $0

Trade-in Value = $20,296.30 ($2

Sales Tax = 9.05%

Title, Registration and Other Fees = $1,699 ($1,474 + $225)

Monthly Pay:   $118.66

Total Loan Amount = $3,581.70

Sale Tax = $324.14

Upfront Payment = $2,023.14

Total of 36 Loan Payments = $4,271.62 ($118.66 x 36)

Total Loan Interest = $689.92

Total Cost (price, interest, tax, fees) = $26,591.06

Thus, the total amount in interest paid by Dennis for the car is $689.92.

Learn more about interest payment at https://brainly.com/question/2151013

jp912south

Answer:

$689.92

Explanation:

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