To help open up a restaurant, Isabel borrowed money from her credit union. She took out a personal, amortized loan for $42,000 , at an interest rate of 6.45% , with monthly payments for a term of 8 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 Isabel's monthly payment. $ (b) If Isabel pays the monthly payment each month for the full term, find her total amount to repay the loan. $ (c) If Isabel pays the monthly payment each month for the full term, find the total amount of interest she will pay.
To help open up a restaurant, Isabel borrowed money from her credit union. She took out a personal, amortized loan for $42,000 , at an interest rate of 6.45% , with monthly payments for a term of 8 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 Isabel's monthly payment. $ (b) If Isabel pays the monthly payment each month for the full term, find her total amount to repay the loan. $ (c) If Isabel pays the monthly payment each month for the full term, find the total amount of interest she will pay.
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Question
To help open up a restaurant, Isabel borrowed money from her credit union.
She took out a personal, amortized loan for
, at an interest rate of
, with monthly payments for a term of
years.
For each part, do not round any intermediate computations and round your final answers to the nearest cent.
If necessary, refer to the
She took out a personal, amortized loan for
$42,000
6.45%
8
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
.
|
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