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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 $13,000 at 8 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 $13,000 at 8 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 $

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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**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 $13,000 at 8 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: $ ____
Transcribed Image Text:**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 $13,000 at 8 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: $ ____
Expert Solution
Step 1

Simple interest formula of an amount of P at an interest rate of r% for a period of t years is given by the equation;

P=A(1+rt100)

Where P is the final amount. 

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