Reference no: EM132396561

How much would your monthly payment be on a 5-year loan if the following assumptions were true?

• You borrowed $5,500.
• The fixed APR on the loan is 4.7%.  Note: A fixed APR is an annual interest rate that does not change during the 5-year period.
• You will make equal monthly payments to repay both the loan amount and the monthly interest charges.
• You want to completely pay off the loan in exactly 5 years.

(Round to the nearest cent, do not include a negative sign)

Note: while this money is "leaving your wallet" the negative sign should not be included in the numeric answer because it is already implied by the word "payment"

What is the total amount that you would pay to the bank over this 5-year period?

Hint: Be sure to use your rounded answer from the previous step in the calculation of this answer.

(Round to the nearest cent, do not include a negative sign)

How much total interest would you have paid to the bank?

(Round to the nearest cent, do not include a negative sign)