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Anna Conda purchased a new Toyota Tundra pickup truck for $45,000 and financed $41,000 with a 5 year, 3.5% loan. Following the format of the loan disclosure statement, answer the following question. What is the total of all of the loan payments made?

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anthougo

Answer:

Anna Conda

The total of all the loan payments made is

= $48,708.

Explanation:

a) Data and Calculations:

Cost of the new Toyota Tundra pickup truck = $45,000

Loan to finance the purchase of the truck = $41,000

Period of loan = 5 years

Interest rate on the loan for financing the purchase = 3.5%

Future Value Factor at 3.5% for 5 years from a FV table = 1.188

Future Value of the loan = $41,000 * 1.188 = $48,708

The total interest on the loan = $7,708 ($48,708 - $41,000)

jayilych4real

Based on the available data, the total of all of the loan payments made would be:

  • $48,708.

According to the given question, we need to find the total of all the loan payments which have been made by Anna Conda based on her purchase of a new Toyota Tundra and her repayment plan.

As a result of this, we can see that we would use the available data to make the necessary calculations which would be first listed out as:

Price of the truck= $45,000

Loan gotten= $41,000

Time duration of loan= 5 years

Interest rate= 3.5%

Future Value at 3.5% for 5 years would be= 1.19

Therefore, the FV of the loan would be $41,000 x 1.19 = $48,708

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