How to solve

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Consumer Mathematics

Finding the monthly payment, total payment, and interest for a loan

To help open up a jewelry store, Laura borrowed money from her credit union.

She took out a personal, amortized loan for $$43,500,$ at an interest rate of $6\mathrm{.}45\%,$ with monthly payments for a term of $8$ years.

For each part, do not round any intermediate computations $,1$ round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.

$($a$)$ Find Laura's monthly payment.

$$1pro{d}_0$

$($b$)$ If Laura pays the monthly payment each month for the full term, find her total amount to repay the loan.

$$$

$($c$)$ If Laura pays the monthly payment each month for the full term, find the total amount of interest she will pay.

$$$