Davis has a bankruptcy on his credit report and therefore pays higher interest rates on her current loans. He took out a car loan for $45,000 payable for 6 years at an interest rate of 15%. If he had filed bankruptcy, he would have been able to take out the loan at a rate of 6%. Approximately how much more in interest over the life of the loan does Davis have to pay? a.
$68,510.16
b.
$53,696.16
c.
$32,206.32
d.
$14,814.00