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You just bought a car and borrowed $15,000 for 5 years at 8% APR- Using the simple interest method; by the time you pay off this loan your total finance costs will be closest to which of the following?

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What Is Consumer Debt?

Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Credit card debt, student loans, auto loans, mortgages, and payday loans are all examples of consumer debt.
 


You just bought a car and borrowed $15,000 for 5 years at 8% APR- Using the simple interest method; by the time you pay off this loan your total finance costs will be closest to which of the following?






 
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