Jill takes a loan out for $15,000 for a car over 5 years at a 5% interest rate. her
monthly payments are $283.11.
a. how much does jill pay overall for her car?
b. how much does she pay in interest?

note: if you are entering these values into a computer system, then you may need to remove the commas.

Explanation:

Part a)

Jill's monthly payment is $283.11

5 years = 5*12 = 60 months

Over 60 months, she will pay a total of 60*283.11 = 16,986.60 dollars. This is the overall cost of the car if we ignore things like the down payment and any other upfront fees.

Part b)

To find the amount of interest Jill paid back, subtract the result we got in part a) and the initial value, or principal, of the loan to get:

16,986.60 - 15,000 = 1,986.60

Side note: Because we know the monthly payment, we dont need the interest rate (i.e., we never use it).

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