Question

E-Loan, an online lending service, recently offered 60-month auto loans at

4.5 %compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of

$ 511 how much can you borrow from E-Loan? What is the total interest you will pay for this loan?

Answer #1

Monthly Payment = $511

Number of Payments = 60

Annual Interest Rate = 4.50%

Monthly Interest Rate = 4.50% / 12

Monthly Interest Rate = 0.375%

Amount Borrowed = $511/1.00375 + $511/1.00375^2 + … +
$511/1.00375^59 + $511/1.00375^60

Amount Borrowed = $511 * (1 - (1/1.00375)^60) / 0.00375

Amount Borrowed = $511 * 53.639380

Amount Borrowed = $27,409.72 or $27,410

Total Amount Paid = $511 * 60

Total Amount Paid = $30,660

Total Interest Paid = $30,660 - $27,410

Total Interest Paid = $3,250

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