Finding the monthly payment, total payment, and interest for a loan To help pay for college, Deon borrowed money from a bank. He took out a personal, amortized loan for $56,000, at an interest rate of 5.15%, with monthly payments for a term of 15 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Deon's monthly payment. $0 (b) If Deon pays the monthly payment each month for the full term, find his total amount to repay the loan. $0 If Deon pays the monthly payment each month for the full term, find the total amount of interest he will pay. $0 X
Finding the monthly payment, total payment, and interest for a loan To help pay for college, Deon borrowed money from a bank. He took out a personal, amortized loan for $56,000, at an interest rate of 5.15%, with monthly payments for a term of 15 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Deon's monthly payment. $0 (b) If Deon pays the monthly payment each month for the full term, find his total amount to repay the loan. $0 If Deon pays the monthly payment each month for the full term, find the total amount of interest he will pay. $0 X
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Finding the monthly payment, total payment, and interest for a loan
To help pay for college, Deon borrowed money from a bank.
He took out a personal, amortized loan for $56,000, at an interest rate of 5.15%, with monthly payments for a term of 15 years.
For each part, do not round any intermediate computations and round your final answers to the nearest cent.
If necessary, refer to the list of financial formulas.
(a) Find Deon's monthly payment.
$0
(b) If Deon pays the monthly payment each month for the full term,
find his total amount to repay the loan.
$0
If Deon pays the monthly payment each month for the full term,
find the total amount of interest he will pay.
$0
X
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