Answer to part a) 16,986.60
Answer to part b) 1,986.60
note: if you are entering these values into a computer system, then you may need to remove the commas.
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Explanation:
Part a)
Jill's monthly payment is $283.11
5 years = 5*12 = 60 months
Over 60 months, she will pay a total of 60*283.11 = 16,986.60 dollars. This is the overall cost of the car if we ignore things like the down payment and any other upfront fees.
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Part b)
To find the amount of interest Jill paid back, subtract the result we got in part a) and the initial value, or principal, of the loan to get:
16,986.60 - 15,000 = 1,986.60
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Side note: Because we know the monthly payment, we dont need the interest rate (i.e., we never use it).
