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How much interest will Isabella pay over the full life

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Problem - Calculating payments, interest, and APR on auto loan. After careful comparison shopping, Isabella Green decides to buy a new Toyota Camry. With some options added, the car has a price of $23,558-including plates and taxes. Because she can't afford to pay cash for the car, she will use some savings and her old car as a trade-in to put down $8,500. Isabella plans to finance the rest with a $15,058.00, 60-month loan at a simple interest rate of 4 percent.

Required -

What will her monthly payments be?

How much interest will Isabella pay over the full (60-month) life of the loan?

What is the APR on this loan?

Reference no: EM132695908

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