Question

Using an online loan calculator, determine the total cost, fixed monthly payment, and the total interest paid when repaying an auto loan of $15,000 with a 5% interest rate compounded monthly and a 60-month loan term. Round the answers to the nearest dollar. (2 points) To the nearest dollar, the total cost of repaying the loan is s Box; the fixed monthly payment amount is $ the total amount of

Answer 1

interest paid is $843, and the total cost is $16,252. The fixed monthly payment amount is $271.