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You want to purchase a new car which costs $40,000. You decide to go with...

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Finance

You want to purchase a new car which costs $40,000. You decide to go with the car dealers financing offer of 8% p.a., compounded monthly, with monthly payments to be made over the next 60 months. Unfortunately, you can only afford to make monthly payments of $500. However, the dealer has allowed you to pay off the rest of the loan in a lump-sum payment at the end of the loan's time horizon. The amount that you would need to pay to the dealer at the end of your loans time horizon is closest to:

$22,855.

$15,341.

$24,659.

$23,903.

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