The following loan is a simple interest amortized loan with monthly payments. $5000, 7 1/2%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)

The following loan is a simple interest amortized loan with monthly payments. $5000, 7 1/2%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The following loan is a simple interest amortized loan with monthly payments.

$5000, 7 1/2%, 4 years

(a) Find the monthly payment. (Give your answer to the nearest cent.)
Payment $

(b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)
Total interest $

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