Q: Peter buys a car worth $22,000 by putting a downpayment of 30% and taking a loan for the balance amount. The loan carries an interest rate of 5.99% over a period of 3 years and needs to be paid on a monthly basis. What is the total interest Peter is expected to pay over the life of the loan?

Ans (approximately): $1,236; $2,767; $1,464; or $2,091