Question Description
1E-Loan, an online lending service, recently offered 36-month auto loans at 6% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $273, how much can you borrow from E-Loan? What is the total interest you will pay for this loan?
- You can borrow $_____ (round to two decimal places)
- You will pay a total of $ _____ ( round to two decimal places)
2.If you buy a computer directly from the manufacturer for $3,301 and agree to repay it in
48 equal installments at 1.74% interest per month on the unpaid balance, how much are your monthlypayments? How much total interest will be paid?
- You're monthly payment is $____
- The total interest paid is $___
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