The 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(b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)Total interest $ 2100X

A loan indicates a sum borrowed to meet specific needs. The loan amount is generally repaid via a…

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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