What’s the total interest ? ### Loan Calculation Problem**Scenario:**E-Loan, an online lending service, recently offered 48-month auto loans at 4.8% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $536, how much can you borrow from E-Loan? What is the total interest you will pay for this loan?**Solution:**You can borrow $23,366.52. (Amount rounded to two decimal places)To calculate the total interest you will pay on this loan, use the following formula:**Total Interest Paid = (Monthly Payment × Number of Payments) - Principal Amount**Given:- **Monthly Payment:** $536- **Number of Payments:** 48- **Principal Amount (Borrowed Amount):** $23,366.52Substitute these values into the formula and round your result to two decimal places to find the total interest.1. Total amount paid over 48 months = $536 × 482. Subtract the principal amount ($23,366.52) from the total amount paid to determine the total interest paid.You will pay a total of $______ in interest. (Round to two decimal places.)

E-Loan, an online lending service, recently offered 48-month auto loans at 4.8% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $536, how much can you borrow from E-Loan? What is the total interest you will pay for this loan? C... al You can borrow $ 23366.52. (Round to two decimal places.) You will pay a total of $ in interest. (Round to two decimal places.)

E-Loan, an online lending service, recently offered 48-month auto loans at 4.8% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $536, how much can you borrow from E-Loan? What is the total interest you will pay for this loan? C... al You can borrow $ 23366.52. (Round to two decimal places.) You will pay a total of $ in interest. (Round to two decimal places.)

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

What’s the total interest ?

### Loan Calculation Problem

**Scenario:**
E-Loan, an online lending service, recently offered 48-month auto loans at 4.8% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $536, how much can you borrow from E-Loan? What is the total interest you will pay for this loan?

**Solution:**
You can borrow $23,366.52. (Amount rounded to two decimal places)

To calculate the total interest you will pay on this loan, use the following formula:

**Total Interest Paid = (Monthly Payment × Number of Payments) - Principal Amount**

Given:
- **Monthly Payment:** $536
- **Number of Payments:** 48
- **Principal Amount (Borrowed Amount):** $23,366.52

Substitute these values into the formula and round your result to two decimal places to find the total interest.

1. Total amount paid over 48 months = $536 × 48
2. Subtract the principal amount ($23,366.52) from the total amount paid to determine the total interest paid.

You will pay a total of $______ in interest. (Round to two decimal places.)

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