Interest on Car Payments?

Question

Sammy borrowded $10,000 to purchase a new car at an annual interest rate of 11%. She is to pay it back in equal monthly payments over a 5 year period. How much total interest will be paid over the period of the loan? Round to the nearest dollar.

a)$3630

b)$92

c)$1435

d)$3045

Answer 1

d). 217.42 x 60 - 10000 = 3045.45