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
To determine the total cost, fixed monthly payment, and total interest paid for an auto loan of $15,000, we need additional information such as the interest rate and the loan term. Once we have these details, we can plug them into an online loan calculator to obtain the desired results.
Here is an example using an interest rate of 5% and a loan term of 5 years (60 months):
- Input the loan amount: $15,000
- Input the interest rate: 5%
- Input the loan term: 60 months
By clicking on the "Calculate" or "Calculate Loan" button, the calculator will provide the results:
- Total cost of the loan: This will be the sum of the principal loan amount ($15,000) plus the total interest paid over the loan term.
- Fixed monthly payment: This will be the equal monthly installment that needs to be paid over the loan term.
- Total interest paid: This will be the total amount of interest paid over the loan term.
Please note that the variables used in this example (5% interest rate, 5-year loan term) are only placeholders and the actual values might vary. Ensure you input the correct interest rate and loan term to obtain accurate results.