Kevin gets an auto loan of $12,000 at 6% annual interest. the terms of his loan state that he has to pay $281.82 each month for 4 years. How much total interest will he have to pay?

• $288
• $720
• 1527.36
• 3381.34

Question

Kevin gets an auto loan of $12,000 at 6% annual interest. the terms of his loan state that he has to pay $281.82 each month for 4 years. How much total interest will he have to pay? 

• $288
• $720
• 1527.36
• 3381.34

dumbcow · Answer

Total interest equals total payments - initial amount 4 years is 48 months multiply monthly payment by 48 then subtract 12000

mackenzie6302 · Answer

Thanks for the help!!