**Understanding Loan Calculations: Principal, Interest, and Total Payable Amounts**This table illustrates key financial details for several individuals taking out loans. It includes columns for principal amount, interest rate, total interest per year and per month, loan term in months, total interest to be paid, and total loan amount to be paid. Below is a transcribed breakdown of the data:| Name | Principal | Interest Rate | Total Interest per Year | Total Interest per Month | Loan Term (in months) | Total Interest to be Paid | Total Loan Amount to be Paid ||----------|-----------|---------------|-------------------------|--------------------------|-----------------------|---------------------------|------------------------------|| Johanna | 4550 | 5.5% | | | 24 | | || Martin | 7240 | 6.5% | | | 36 | | || Sonia | 5000 | 7% | | | 17 | | || Ferdy | 8500 | 3.5% | | | 5 | | || Dave | 950 | 8.5% | | | 6 | | || Liz | 11400 | 7.45% | | | 9 | | || Jermaine | 12500 | 5.5% | | | 24 | | || Rudy | 22600 | 3% | | | 22 | | || Nora | 15400 | 6.5% | | | 20 | | || William | 4800 | 4.75% | | | 32 | | |### Explanation:1. **Principal**: The initial amount of money borrowed.2. **Interest Rate**: The percentage charged on the principal by the lender.3. **Total Interest per Year/Month**: These columns calculate the interest accumulated annually or monthly.4. **Loan Term (in months)**: The duration over which the loan is expected to be repaid.5. **Total Interest to be Paid

The loan payment consists of both principal amount and the interest payment. The interest on the…

Answered: equal a whole year. Tota lor Loan term…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

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equal a whole year. Tota lor Loan term (in month months Total Interest to be paid Name Princi Interest Total Total pal rate Interest Interest per per amo to b pai year Johanna 4550 5.5% 24 Martin 7240 6.5% 36 Sonia 5000 7% 17 Ferdy 8500 3.5% ave 950 8.5%