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You find a car that costs $18,500. If the interest rate on a 5-year loan is 6.25% and you make monthly payments on the car, what is the total amount of interest that you will pa…

You find a car that costs $18,500. If the interest rate on a 5-year loan is 6.25% and you make monthly payments on the car, what is the total amount of interest that you will pa…
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You find a car that costs $18,500. If the interest rate on a 5-year loan is 6.25% and you make monthly payments on the car, what is the total amount of interest that you will pay over the life of the loan?

asked
User Kewal Shah
by
7.8k points

1 Answer

3 votes
The answer is $24,281.25.
answered
User Mateusz Dymczyk
by
8.4k points
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