Suppose that you borrow $14,000 for four years at 5% toward the purchase of a car. Use PMT = to find the monthly payments and the total interest - nt 1- for the loan. The monthly payment is $ 322.41. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $. (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
![### Loan Repayment Calculation
Suppose that you borrow $14,000 for four years at an interest rate of 5% toward the purchase of a car. You can use the formula below to find the monthly payments and the total interest for the loan.
#### Formula for Monthly Payments
\[ \text{PMT} = \frac{P \left(\frac{r}{n}\right)}{1 - \left(1 + \frac{r}{n}\right)^{-nt}} \]
Where:
- \( P \) is the principal amount ($14,000).
- \( r \) is the annual interest rate (0.05).
- \( n \) is the number of times the interest is compounded per year (12, for monthly).
- \( t \) is the loan term in years (4).
#### Monthly Payment Calculation
The monthly payment is **$322.41**.
(Do not round until the final answer. Then round to the nearest cent as needed.)
#### Total Interest Calculation
Calculate the total interest by using the answer from part (a) to find this value.
Round to the nearest cent as needed.
(Note: The section for entering the total interest value is left blank, indicating that it needs to be calculated.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8e468489-9d99-4458-ad67-a4d20699e774%2F2eb9b999-a4e4-4a67-9fdb-4ccb19f65200%2Ftxq73l_processed.jpeg&w=3840&q=75)
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