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Stuart buys a $24,000 car with a down payment of $2,000. He is given a 3-year loan with an APR of 10.4 percent. What is the amount financed on this loan?

A. $22,000
B. $21,031
C. $20,000
D. $18,000

Respuesta :

Answer :

A. $22,000

Explanation :

Given,

The value of the car = $ 24,000,

The amount of down payment = $ 2,000,

If he takes a loan for paying the remaining amount of the car,

Then, the amount financed on this loan = The value of the car - down payment

= $ 24,000 = $ 2,000

= $ 22,000

Hence, Option 'A' is correct.

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