Investigate the effect of the term on simple interest amortized auto loans by finding the monthly payment
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Question:
Investigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of $13,000 at 7 and 7/8%.
(a) three years
interest if the term is the following. (Round your answers to the nearest cent.)%
payment | $ |
total interest | $ |
(b) four years
payment | $ |
total interest | $ |
(c) five years
payment | $ |
total interest | $ |
Related Book For
Statistics for Business and Economics
ISBN: 978-0321826237
12th edition
Authors: James T. McClave, P. George Benson, Terry T Sincich
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