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E-Loan, an online lendingservice, recently offered 4 8 -month auto loans at 3 .9 % compounded monthly to applicants with good credit ratings. If you
E-Loan, an online lendingservice, recently offered 48-month auto loans at 3.9% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $549, how much can you borrow fromE-Loan? What is the total interest you will pay for thisloan?
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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