Assume you obtain a $12,000 loan (without credit life insurance). It is a four-year simple-interest installment loan with an annual interest rate of 11.33 percent. First, what would be the monthly payment? Second, how much total interest will you pay over the four years? Third, what is the APR on this loan?

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Using the formula for monthly payments on a simpleinterest installment loan we can calculate the mon... View the full answer