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 $10,000 at 6 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 $10,000 at 6 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 $
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
Problem 1PS
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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 $10,000 at 6 and 7/8% interest if the term is the following. (Round all answers to the nearest cent.)
(a) 3 years.
(b) 4 years.
(c) 5 years.
| Payment | $ |
| Total interest | $ |
(b) 4 years.
| Payment | $ |
| Total interest | $ |
(c) 5 years.
| Payment | $ |
| Total interest | $ |
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