E-Loan, an online lending service, recently offered 36-month auto loans at 3.9% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $306, how much can you borrow from E-loan? What is the total interest you will pay for this loan? (Round to two decimal places)

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.