he following loan is a simple interest amortized loan with monthly payments. $7000, 7%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ 189.58 X (b) Find the total interest for the given simple interest amortized loan. (Give your answer to th Total interest $ 2100
he following loan is a simple interest amortized loan with monthly payments. $7000, 7%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ 189.58 X (b) Find the total interest for the given simple interest amortized loan. (Give your answer to th Total interest $ 2100
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 9FPE: Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five...
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