1.) Suppose you apply for a five year loan in the amount of $15,000 near an APR OF 9%. Your monthly payment is $311.38. What is the principal of the loan and the total amount of interest compensated over the five years?

2.) Suppose you take out an auto loan for $9400 over a spell of 6 years at an APR of 8%. Determine your monthly payments, your total payments over the term of the loan, and the amount of interest rewarded over the term of the loan.

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Answers:    Try this interconnect

http://www.bankrate.com/brm/popcalc2.asp

1) Your principal is 15000. your interest is 311.38 times 60 minus 15000

2) Use the URL

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1a) Principal of the loan is $15000
1b) Amount of interest over 5 years: $3682.52

2a) Principal of the loan: $9400.00
2b) Monthly Payment: $164.81
2c) Total Payments: $11866.50
2d) Amount of interest: $2466.50

Hope this helps
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