I need help setting up question 8 **Exercise: Understanding Loan Payments and Interest***Scenario:*Julio buys a koi fish pond (and fish to put in it) for his wife on their anniversary. He pays $8,000 for the pond with $2,000 down. The dealer charges add-on interest of 3.5% per year, and Julio agrees to pay the loan with 36 equal monthly payments. Use this information for the following exercises (7-10).7. **Find the total amount of interest he will pay.**8. **Find the monthly payment.**9. **Find the APR value (to the nearest half percent).***Instructions:*- Use the initial loan amount, interest rate, and payment period provided to determine the total interest paid over the life of the loan.- Calculate the monthly payment amount that Julio will be responsible for, ensuring it accounts for both the principal and the interest.- Determine the Annual Percentage Rate (APR) to the nearest half percent, providing an understanding of the yearly interest rate applied to the loan.

Name: I need help setting up question 8 **Exercise: Understanding Loan Payme
Uploaded: 2024-03-20T07:06:27.000Z
Channel: Bartleby
Description: I need help setting up question 8 **Exercise: Understanding Loan Payments and Interest***Scenario:*Julio buys a koi fish pond (and fish to put in it) for his wife on their anniversary. He pays $8,000 for the pond with $2,000 down. The dealer charges