Ahmed Purchased a New Vehicle Costing $28,500 Through the Dealer's

Multiple Choice

Ahmed purchased a new vehicle costing $28,500 through the dealer's financing promotion.Monthly payments were made at the beginning of each month for 6 years at a rate of 5.5% compounded quarterly.Determine the total amount of interest paid over the 6 year period.

A) $9,109
B) $6,920
C) $5,245
D) $4,849