E-Loan, an online lending service, recently offered 60-month auto loans at 4.8% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $441, how much can you borrow fromE-Loan?
(a) What is the total interest you will pay for this loan? You can borrow? (Round to two decimal places.)
(b) You will pay a total of in interest. (Round to two decimal places.)
