Almost everyone, at some point, will borrow money from a bank. It might be to buy a car, to purchase a house, or perhaps to start a business. Banks charge interest when they lend money to customers (this is how the banks make money). The formula that determines the monthly payment is = (1 + )^/(1 + )^ 1 where is the total number of payments, is the principal, and is the monthly interest rate. Suppose you borrow $100,000 (called the principal) at an annual interest rate of 12%. You need to pay back the loan in 10 years by making monthly payments. What is the monthly payment and what is the total amount of money paid to the bank in repaying the loan?