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E-Loan, an online lending service, recently offered 36-month auto loans at 4.8 % compounded monthly to applicants with good credit ratings. If you have a
E-Loan, an online lending service, recently offered 36-month auto loans at 4.8 % compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $424, how much can you borrow from E-Loan? What is the total interest you will pay for this loan?
You can borrow $_______ (round to two decimal places.)
You will pay a total of $________ in interest (round to two decimal places.)
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