The total amount of the car loan, plus taxes and fees is called: A- Principal.
A principal can be defined as an amount of money that represents the total amount of loan on an asset, plus taxes and other fees applicable.
In Financial accounting, principal is commonly associated with compound interest or simple interest.
Mathematically, simple interest is given by the formula:
[tex]S.I = \frac{PRT}{100}[/tex]
Where:
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Answer:
A- Principal
Step-by-step explanation:
The Principal is the total amount of the car loan, plus taxes and fees.
