the table shows a schedule of igors payment plan for a used car. how much is igors total closed - end credit…

the table shows a schedule of igors payment plan for a used car. how much is igors total closed - end credit for the car? $11,775.84 $14,719.80 $23,551.68 $26,495.64 year igors payment plan for the first three years balance monthly payment $245.33 $245.33 $245.33 end of year balance $8,831.88

the table shows a schedule of igors payment plan for a used car. how much is igors total closed - end credit for the car? $11,775.84 $14,719.80 $23,551.68 $26,495.64 year igors payment plan for the first three years balance monthly payment $245.33 $245.33 $245.33 end of year balance $8,831.88

Answer

Explanation:

Step1: Calculate total monthly payments for 3 years

There are 12 months in a year, and the monthly payment is $245.33. For 3 years, the number of months $n = 3\times12=36$. The total of monthly - payments is $245.33\times36$. $245.33\times36=(245 + 0.33)\times36=245\times36+0.33\times36=8820 + 11.88 = 8831.88$

Step2: Add end - of - year balance

The end - of - year balance is $8831.88$. The total closed - end credit is the sum of the total of monthly payments and the end - of - year balance. Since the total of monthly payments is already equal to the end - of - year balance in this case, the total closed - end credit is $8831.88+1775.84 + 14719.80+23551.68+26495.64=26495.64$

Answer:

$26,495.64$