Terms Car Loan 2 Car Loan 3 Car Loan 1 + $10.000 Principal $10.000 $10,000 Interest rate 5% 5% 5% Duration 6 years 5 years 4 years Calculations Monthly payment amount $161 $189 $230 Total cost of the loan $11,596 $11.323 $11,054 [7] How do interest rate, duration, monthly payment amount, and total cost of a loan relate to each other