Answer:
I think you want the monthly payment. (Equation is attached).
Monthly Payment equals 21.10
If you are looking for the total interest paid then we need the
Total Loan Cost Formula. (attached)
The monthly loan rate is .06 / 12 = .005 and
number of payments = 12 months * 15 years = 180
Total Cost = .005 * 2,500 * 180 / 1 -(1.005)^-180
= 3,797.36
Total Cost 3,797.36
Minus Principal 2,500
Equals total interest paid = 1,297.36
Step-by-step explanation:
