So you want to finance a car for $4,840. Let’s say we offer you a 4.5% interest rate on a 2-year loan and 6% on a 5-year loan. Enter this info into the calculator to see your monthly and total cost by loan term. Financing Amount
$4840
Correct
Interest Rate on 2-Year Loan
Interest Rate on 5-Year Loan

Interest Rate on 2-Year Loan...$435.6

Interest Rate on 5-Year Loan...$1,452

Explanation:

The formula for calculating simple interest is as follows.

I = P x R x T,

where I = interest

P= Principal

R= interest rate

T= time

For the loan at 4.5 percent for 2 years, the interest will be

=  $4,840 x 4.5/100 x 2

= $4,840 x 0.045 x 2

= $435.6

Total cost of the loan will principal plus interest

=$435.6 + $4,840

=$5,275.6

Monthly loan cost

= $5,275.6/24

=$219.81

Total loan cost..$5,275.6

Monthly loan cost ...$219.81

For the Loan at 6 percent for 5 years, the interest will be

= $4,840 x 6/100 x 5

= $4,840 x 0.06 x 5

=$1,452

Total cost of the loan will be principal plus interest

=$ 4,840 + $1,452

=$6,292

Monthly costs will be

=$6,292/60

=$104.87

Total loan cost... $6,292

Monthly loan  costs... $104.87

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