Question

determine whether the statement is true or false. if the statement is false, make the necessary change(s) to produce a true statement. the interest on a car loan can be determined by taking the difference between the total of all monthly payments and the amount of the loan. choose the correct answer below. a. the statement is true. b. the statement is false. the principal on a car loan can be determined by taking the difference between the total of all monthly payments and the amount of the loan. c. the statement is false. the monthly payment on a car loan can be determined by taking the difference between the total of all monthly payments and the amount of the loan. d. the statement is false. the annual rate on a car loan can be determined by taking the difference between the total of all monthly payments and the amount of the loan.

Explanation:

To determine if the statement about car loan interest is true, we recall the concept of loan interest. The total amount repaid (sum of all monthly payments) includes the principal (loan amount) and the interest. So, Interest = Total of all monthly payments - Loan amount. This means the original statement is correct.

Answer:

A. The statement is true