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Ellen has a balance of $15,000 on her car loan and an interest rate of 2.75%. To pay off the $15,000 in five years, Ellen will have to make a minimum payment of $267.87. If Ellen pays $434.57 per month she can pay off her auto loan in 3 years instead. How much more will Ellen pay if she takes 5 years to pay off her loan instead of 3 years?

User Fortm
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1 Answer

5 votes

Answer:

347$

Explanation:

balance of 15000$

loan 2.75%

minimum 267.87

434.57 per month

=347$

User Pabitranjan
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