Wilma needs $2,000 until her insurance reimburses her for flood damages in two weeks. She decides to compare the following options: • car title loan with a $374.50 charge that must be paid off in two weeks or she loses ownership of her car
• personal installment loan from her bank that must be paid off in five equal monthly payments of $473

To calculate the installment loan finance charge for five months, calculate the total interest using the appropriate formula.

$365.00

$401.25

$429.02

$972.40