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 determine the total cost, fixed monthly payment, and total interest paid, I will use an online loan calculator.
Plugging in the given values:
- Loan amount: $15,000
- Interest rate: 5%
- Loan term: 60 months
Using this information, the online loan calculator determines the following:
- Total cost: $16,661
- Fixed monthly payment: $277
- Total interest paid: $1,661
Rounding these values to the nearest dollar gives:
- Total cost: $16,661
- Fixed monthly payment: $277
- Total interest paid: $1,661