Question: How much would your monthly payment be on a 3-year loan if the following assumptions were true? You borrowed $8,000. The fixed APR on

How much would your monthly payment be on a 3-year loan if

How much would your monthly payment be on a 3-year loan if the following assumptions were true? You borrowed $8,000. The fixed APR on the loan is 6.3%. Note: A fixed APR is an annual interest rate that does not change during the 3-year period. You will make equal monthly payments to repay both the loan amount and the monthly interest charges. You want to completely pay off the loan in exactly 3 years. What is the total amount that you would pay to the bank over this 3-year period? How much total interest would you have paid to the bank?

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