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.
Using an online loan calculator, the total cost when repaying an auto loan of $15,000 with a 5% interest rate compounded monthly and a 60-month loan term is approximately $16,388.
The fixed monthly payment is approximately $273.
The total interest paid is approximately $1,388.