Total cost of the loan is $10,533
Find the monthly payment with interest and multiply by total number of months.
Monthly payment:
Use the formula {\displaystyle A=P*(r(1+r)^{n})/((1+r)^{n}-1)}.
A = the monthly payment.
P = the principal
r = the interest rate per month, which equals the annual interest rate divided by 12
n = the total number of months
p=9950-1000 down payment = $8950
r= 10.9/12 = .9083
n= 3years * 12 months per year = 36
A= 292.58
292.58 per month * 36 months = 10,533
