11. You take out a loan of $15,000 with an interest rate of 6.5%. If you...

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11. You take out a loan of $15,000 with an interest rate of 6.5%. If you plan on paying back the loan over 15 years, then the monthly payment will be $130.67 per month. A) Calculate the total amount you will pay on the loan. B) How much interest will you pay? C) Suppose you pay the loan back over 10 years instead of 15 years. Your monthly payment would then increase to $170.32 per month. How much interest will you save by paying back in 10 years instead of 15? 11. You take out a loan of $15,000 with an interest rate of 6.5%. If you plan on paying back the loan over 15 years, then the monthly payment will be $130.67 per month. A) Calculate the total amount you will pay on the loan. B) How much interest will you pay? C) Suppose you pay the loan back over 10 years instead of 15 years. Your monthly payment would then increase to $170.32 per month. How much interest will you save by paying back in 10 years instead of 15?

Answer rating: 100% (QA)

Certainly I can help you calculate the loan payments and the interest saved by paying back early A T... View the full answer