E-Loan, and online lending service, recently offered 48-month auto loans at 5.7% compounded monthly ...

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E-Loan, and online lending service, recently offered 48-month auto loans at 5.7% compounded monthly to applicants with good credit ratings. If you have good credit and can afford monthly payments of $308.00, HOW MUCH CAN YOU BORROW FROM E-LOAN? AND WHAT IS THE TOTAL INTEREST YOU WILL PAY FOR THIS LOAN?

    • 8 years ago
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    Payment, PMT = 308 Rate of interest, r = 5.7% = 0.057 ...
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