Keisha borrowed money from an online lending company to buy a camper.She took out a personal, amortized loan for $12,500, at an interest rate of 4.75%, with monthly payments for a term of 6 years.For each part, do not round any intermediate computations and round your final answers to the nearest cent.If necessary, refer to the list of financial formulas.(a) Find Keisha's monthly payment.(b) If Keisha pays the monthly payment each month for the fullterm, find her total amount to repay the loan.(c) If Keisha pays the monthly payment each month for the fullterm, find the total amount of interest she will pay.

Loan amount(PV)= $12,500 Interest rate = 4.75%12=0.00395833333333 Time period = 6years x 12=72Months

Answered: Keisha borrowed money from an online…

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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