Finance or interest cost associated with the loan

Assignment Help Financial Management

Reference no: EM131899136

1. Doug purchased a new Toyota Tundra pickup truck for $35,000 and financed $31,000 with a 5 year, 4% loan. What is total finance or interest cost associated with the loan?

$3434

$3261

$3070

$2964

2. Fred purchased a new Toyota Tundra pickup truck for $35,000 and financed $31,000 with a 5 year, 4% loan. What is the actual amount borrowed?

$35,000

$33,000

$31,000

$29,000

Reference no: EM131899136

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