Aaron bought a $3,000.00 car from Chad's Used Cars. What was his cost of credit if he had a 5 year loan at 3.5% interest? P is the principal, r is the interest rate, m is the number of monthly payments, M is the monthly payment
A. $274.80
B. $380.40
C. $227.04
D. $164.76
![Aaron bought a 300000 car from Chads Used Cars What was his cost of credit if he had a 5 year loan at 35 interest P is the principal r is the interest rate m i class=](https://us-static.z-dn.net/files/d3e/bb33506e0d79fea7093a246fc9a86e49.gif)