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 $10,000 at 6 and 7/8% interest if the term is the following. (Round all answers to the nearest cent.) (a) 3 years. Payment $ Total interest $ (b) 4 years. Payment $ Total interest $ (c) 5 years. Payment $ Total interest $

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 $10,000 at 6 and 7/8% interest if the term is the following. (Round all answers to the nearest cent.) (a) 3 years. Payment $ Total interest $ (b) 4 years. Payment $ Total interest $ (c) 5 years. Payment $ Total interest $

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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