2. A loan of $94028.12 is repaid by monthly payments of $625.75. The interest rate charged is 5.1% compounded monthly. (a) Find the number of monthly payments. (b) What is the total amount of interest paid over the course of the loan?
2. A loan of $94028.12 is repaid by monthly payments of $625.75. The interest rate charged is 5.1% compounded monthly. (a) Find the number of monthly payments. (b) What is the total amount of interest paid over the course of the loan?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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![2. A loan of $94028.12 is repaid by monthly payments of $625.75. The interest rate charged is 5.1%
compounded monthly.
(a) Find the number of monthly payments.
(b) What is the total amount of interest paid over the course of the loan?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9992bb09-9ac0-47fb-ba31-37c308123997%2Fda061d98-bacf-4165-979e-066e6a64e261%2Fnv687ub_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. A loan of $94028.12 is repaid by monthly payments of $625.75. The interest rate charged is 5.1%
compounded monthly.
(a) Find the number of monthly payments.
(b) What is the total amount of interest paid over the course of the loan?
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