Question

the table shows a schedule of evitas payment plan for a used car.
evitas payment plan for the first three years

year	balance	monthly payment	end of year balance
2		$356.82
3		$356.82	$8,563.39

evita paid $21,408.91 in interest. what was the selling price of the car?
options:
$12,845.52
$17,127.07
$19,000.00
$21,408.91

Explanation:

Step1: Calculate total 3-year payments

Total monthly payments = $356.82 \times 12 \times 3 = 356.82 \times 36 = 12845.52$

Step2: Find total amount repaid

Total repaid = Total payments + Final balance
$\text{Total repaid} = 12845.52 + 8563.39 = 21408.91$

Step3: Calculate selling price

Selling price = Total repaid - Interest
$\text{Selling price} = 21408.91 - 2408.91 = 19000.00$

Answer:

$19,000.00$