Solve the problem using the loan payoff table or an amortization table.
John Thomas bought a new car for $16,968. He paid 10% down and monthly payments for 3 years at 10%. Find the amount of each monthly payment necessary to amortize the loan and the total amount of interest paid over the 3 years.
A. $492.80, $2469.60
B. $499.98, $2728.08
C. $547.56, $2744.16
D. $577.40, $-5515.20
Answer: A
Mathematics
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