select the correct answer. bob has taken out a loan of $15,000 for a term of 48 months (4 years) at an…

select the correct answer. bob has taken out a loan of $15,000 for a term of 48 months (4 years) at an interest rate of 6.5%. using the amortization table provided, what will be his total finance charge over the course of his loan? rate 1 year 2 years 3 years 4 years 5 years 6.5% $86.30 $44.55 $30.65 $23.71 $19.57 7.0% $86.53 $44.77 $30.88 $23.95 $19.80 7.5% $86.76 $45.00 $31.11 $24.18 $20.04 8.0% $86.99 $45.23 $31.34 $24.41 $20.28 8.5% $87.22 $45.46 $31.65 $24.65 $20.52 9.0% $87.45 $45.68 $31.80 $24.89 $20.76 monthly payment per $1,000 of principal a. $355.65 b. $975.00 c. $1,682.40 d. $2,071.20 e. $17,071.20

select the correct answer. bob has taken out a loan of $15,000 for a term of 48 months (4 years) at an interest rate of 6.5%. using the amortization table provided, what will be his total finance charge over the course of his loan? rate 1 year 2 years 3 years 4 years 5 years 6.5% $86.30 $44.55 $30.65 $23.71 $19.57 7.0% $86.53 $44.77 $30.88 $23.95 $19.80 7.5% $86.76 $45.00 $31.11 $24.18 $20.04 8.0% $86.99 $45.23 $31.34 $24.41 $20.28 8.5% $87.22 $45.46 $31.65 $24.65 $20.52 9.0% $87.45 $45.68 $31.80 $24.89 $20.76 monthly payment per $1,000 of principal a. $355.65 b. $975.00 c. $1,682.40 d. $2,071.20 e. $17,071.20

Answer

Explanation:

Step1: Identify loan - related values

Bob's loan amount is $15,000, the loan term is 4 years, and the interest rate is 6.5%.

Step2: Find the monthly payment per $1,000 from the table

For a 4 - year term and 6.5% interest rate, the monthly payment per $1,000 from the table is $23.71.

Step3: Calculate the total monthly payment

The loan amount is $15,000. We divide the loan amount by $1,000 and then multiply by the monthly payment per $1,000. $\frac{15000}{1000}\times23.71 = 15\times23.71=355.65$

Answer:

A. $355.65