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E-Loan, an online lending service, recently offered 60-month auto loans at 6 % compounded monthly to applicants with good credit ratings. If you have a
E-Loan, an online lending service, recently offered 60-month auto loans at 6 % compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $ 331, how much can you borrow from E-Loan? What is the total interest you will pay for this loan?
A)You can borrow
$n(Round to two decimal places.)
B) You will pay a total of in interest.(Round to two decimal places.)
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