t is the total amount paid over the 10 years? $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
The monthly payments on a 10-year loan of $35,000 at 6.1% interest are $390.33.
(a) What is the total amount paid over the 10 years?
$
(b) What is the total amount of interest paid?
$
(b) What is the total amount of interest paid?
Expert Solution
Step 1
Simple interest:
Simple interest is a method for calculating the amount of interest charged on a sum over a set period of time at a set rate. Unlike compound interest, where we add the interest of the previous years' principal to compute the interest of the next year, the principal amount in simple interest is always the same.
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