Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,800 at 2.4% add-on rate for 5 years. (Round your answers to the nearest cent.)

$ interest
$ per month

To find the amount of interest and the monthly payment for a loan, we need to use the loan amount, the interest rate, and the loan term.

1. Loan amount: The loan amount is given as $42,800.
2. Interest rate: The interest rate is provided as a 2.4% add-on rate.
3. Loan term: The loan term is mentioned as 5 years.

First, let's find the interest amount:
To calculate the interest, we can use the formula: Interest = Loan amount * Interest rate

Interest = $42,800 * 0.024 (2.4% = 0.024 as a decimal)
Interest ≈ $1,027.20

Next, let's calculate the monthly payment:
To find the monthly payment, we can use the formula: Monthly payment = (Loan amount + Interest) / Number of months

Number of months = Loan term * 12 (since there are 12 months in a year)

Number of months = 5 years * 12 months/year
Number of months = 60 months

Monthly payment = ($42,800 + $1,027.20) / 60
Monthly payment ≈ $716.12

Therefore, the amount of interest on the loan is approximately $1,027.20, and the monthly payment for the loan is approximately $716.12.