Suppose that you borrow $15 comma 000 for five years at 6% toward the purchase of a car. use pmt equals to find the monthly payments and the total interest for the loan.

Monthly payments = $ 289.992

Total interest = $ 2399.520

Step-by-step explanation:

Given formula of monthly payments,

Where,

P = present value,

r = annual interest rate,

n = number of months in a year ( i.e. 12 months ),

t = number of years,

Here,

P = $ 15,000,

t = 5 years,

r = 6% = 0.06

Hence, the monthly payment would be,

Also, the total interest of the loan = monthly payment × number of months - present value of loan

= 289.992 × 60 - 15000

= $ 2399.520

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