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- Find the simple interest I of the given loan amount. (Round your answer to the nearest cent.) $2,000 borrowed at 6% for three years I= $ ______________Use the add-on method of caloulating interest to find the total interest and the monthly payment. Length of Loan 4 years Amount of Loan Interest Rate $4400 4.1% The total interest is $ (Round to the nearest cent as needed.) The monthly payment is $ (Round to the nearest cent as needed.) Enter your answer in each of the answer boxes.Find the future (FV) of a loan of a $6,100 loan at 7.5% for 9 months. (Assume simple interest and round to the nearest cent.) Write your answer in the text box below and submit your work at the last question.
- Assume that interest is the only finance charge. Use financial calculator to answer the questions.How much interest would be paid on a $8,000 installment loan to be repaid in 48 monthly installments of $210.72? Round the answer to 4 decimal places. % per monthWhat is the APR on this loan? Round the answer to 2 decimal places. %The simple interest charged on a 5-month loan of $51,000 is $356. Find the simple interest rate. (Round your answer to one decimal place.)The following loan is a simple interest amortized loan with monthly payments. (Round your answers to the nearest cent.) $7000, 0.085, 4 years (a) find the monthly payment (b) find the total interest
- Find the finance charges on an 8.4 percent, 18-month, $1,000, single-payment loan when interest is computed using the simple interest method. Round your answer to the nearest cent. Using the simple interest method, find the monthly payments on a $4,500 installment loan if the funds are borrowed for 24 months at an annual interest rate of 6%. You can use financial calculator, Excel, or Exhibit 7.6). Round the answer to the nearest cent. Round the answer to the nearest cent. $ per month How much interest will be paid during the first year of this loan? (Use a monthly payment analysis similar to the one in Exhibit 7.7.) Round your intermediate computations and final answers to the nearest cent.Find the monthly payment and estimate the remaining balance. Assume interest is on the upaid balance. 3 year computer loan for $3285 at 6.6%, remaining balance after 2 years. The monthly payment is $ (Round to the nearest cent as needed.) The remaining balance is $ (Round to the nearest dollar as needed.)Find the monthly payment for the loan indicated. (Round your final answer to two decimal places.) Amount of loan = $10,500 at an annual interest rate of 5.7% for 6 years.