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You are taking out a $50,000 loan to buy a new cool car. Your financial institution will lend you this money at 15% APR with

You are taking out a $50,000 loan to buy a new cool car. Your financial institution will lend you this money at 15% APR with monthly compounding. This loan should be amortized completely over 4 years of equal monthly payments, starting 1 month from now. What is the total interest that you will pay over the life of the loan?

$13,201.21
$9,724.10
$6,364.07
$16,793.80
$3,122.38

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