Sarah recently graduated college and began her first job. To reward herself she purchased a car for
$50,000, and was given $6000 for her trade, which is deducted from the purchase price. She obtained
financing for 5.6% compounded annually for a period of 60 months. What will be the total amount of
interest paid?
a. $5894.11
b. $4911.76
c. $5,566.66
d. $6549.01
