Don't answer image format I will like 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 $15,000 at 92interest if the term is the following. (Round your answers to the nearest cent.)Watch t(a) three yearspaymenttotal interest s(b) four yearspaymenttotal interest$$(c) five yearspayment$total interest $

Interest on Loans: The amount that the borrower of the loan is paid to the lender as the rent to use…

Answered: Investigate the effect of the term on…

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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The following loan is a simple interest amortized loan with monthly payments. $155000, 9 1/2%, 30 years(a) Find the monthly payment. (Give your answer to the nearest cent.)Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)Total interest $
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