Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 3.1% and he made monthly payments of $317, how much interest did he pay?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
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(11)Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 3.1% and he made monthly payments of $317, how much interest did he pay?

Please answer only correct with explanation.

Someone give me incorrect answer.

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