Mark Borrows $15,000 to Buy a New Car

Multiple Choice

Mark borrows $15,000 to buy a new car.His loan has an annual interest rate of 6.5%,compounded monthly,and his monthly payment is $293.49.How much will he have paid in interest when he has finished repaying his loan in 60 months?

A) $43.49
B) $1,575.50
C) $2,609.40
D) $17,609.40