Calculating total amount of interest

Reference no: EM1366475

Suppose you purchased a new Lan Rover for $67,000 on October 31, 1999. The down payment was $15,000. A bank financed the remaining balance at 12% interest rate for sixty months with monthly payments. The first payment was made one month from the purchase date. If the interest on the loan is tax-deductible, you will need to figure out the interest you paid on the loan in 1999 when you file your income tax in 2000. (Note that you made 2 payments in 1999). What is the total amount of interest you paid in 1999 on the car loan? (Round your answer to the nearest whole dollar).

Reference no: EM1366475

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