Business, 09.10.2019 20:00 scholar345

After visiting several automobile dealerships, richard selects the car he wants. he likes its $11,500 price, but financing through the dealer is no bargain. he has $2,300 cash for a down payment, so he needs a loan of $9,200. in shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. that is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. richard borrowed $9,200 for a period of two years at an add-on interest rate of 10 percent. a. what is the total interest on richard’s loan

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