Investigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of $19,000 at 9% interest if the term is the following. (Round your answers to the nearest cent.)(a) three yearspaymenttotal interest(b) four yearspaymenttotal interest(c) five yearspayment$$$$$total interest $

Monthly Payment = Total Loan Amount / (Term in years * 12)Total Interest = (Total Loan Amount *…

Answered: ect of the term on simple interest…

ect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of $19,000 at 9 8

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Concept explainers

Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.

Question

Investigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of $19,000 at 9% interest if the term is the following. (Round your answers to the nearest cent.)
(a) three years
payment
total interest
(b) four years
payment
total interest
(c) five years
payment
$
$
$
$
$
total interest $

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