Question

 Anna Conda purchased a new Toyota Tundra pickup truck for $35,000 and financed $31,000 with a 5 year, 4%

loan. Following the format of the loan disclosure statement, answer the following questions.

1. What is the APR of the loan?

 6%

 5%

 4%

 3

2.What is the total of all of the loan payments made?

 $34,261

 $34,970

 $33,264

 $32,834

3. What is the actual amount borrowed?

 $35,000

 $33,000

 $31,000

 $29,000

4.  What is total finance or interest cost associated with the loan?

  $3434

 $3261

 $3070

 $2964

5.The interest charged on this loan is calculated by  

  simple interest

 compound interest

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