You are considering buying a car for $$12,000\mathrm{.}00.$ You put $$2,400\mathrm{.}00$ down and are thinking about taking out a $60-$month loan at $4\%$ simple interest to pay for the rest.

How much will your principal be$?$

Enter principal

$$9600$

Correct. Good Job!

At the end of $5$ years, how much will you have to pay back?

Erter cost of $5$ year hoan

$$1920$

Not equivalent.

If you made monthly payments, how much would they be$?$

$160$