You just took out a $12,000 loan for your small business. The loan has a four year term and repayment is in the form of four equal endofyear payments. The interest rate on the loan is 11.5%. Consider the final loan payment. How much interest do you pay in the final payment?

A.

$350.61

B.

$764.81

C.

$403.20

D.

$1,089.13

E.

$1,380.00

What is the present value of a

5year ordinary annuity with annual payments of $200, evaluated at a 15 percent interest rate?

A.

$670.43

B.

$842.41

C.

$1,169.56

D.

$1,522.64

E.

$1,348.48

The Shelby Cobra retails for $47,684 (all taxes included). What are the monthly loan payments for the car if you make a down payment of $4,001, the term is 5 years and the APR is 6.5%? (Car loan payments are made at the end of each month.)

What is the amount of the monthly payment?