Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced. To buy a car, you borrow $20,000 with a term of five years at an APR of 6%. What is your monthly payment? (Round your answer to the nearest cent.) $ 386.66 Correct: Your answer is correct. How much total interest is paid?

$3,199.60

Explanation:

The Monthly Repayment P is determined by:

Where:

r=rate per period

PV=Present Value

n=number of periods

PV=$20,000

r=6% APR = 0.06/12  =0.005 Monthly

n= 5 years = 5 X 12 Months =60 Months

   =$386.66

Total Repayment = $386.66 X 60=$23199.60

Interest Paid = Repayment - Present Value

                  =$23199.60 -20000

                  =$3,199.60

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