I need help with this problem, please It's back Everything from student loans to car loans to home mortgages calculates interest using simple interest The simple interest formula, I PRT , expresses time in years Since time is pretty important, this post will highlight ways to save the amount of money paid out in interest We'll be taking out a loan of $15,000 Suppose that you borrowed money on a personal loan with an interest rate of 8 calculate how much you'll have to pay back in total after 3 years Then, calculate how much you'll have to pay back in total if you make a $3,000 payment at the end of Year 2 (this requires 2 interest calculations once after 2 years and then at the end of the loan) Be sure your answer is the total amount paid back at the end of the loan not just the payoff amount at the end of Year 3 Show and explain calculations

The Answer is in the image, click to view ...

Question: I need help with this problem, please. It's back! Everything from student loans to car loans to home mortgages calculates interest using simple interest. The

I need help with this problem, please.

It's back! Everything from student loans to car loans to home mortgages calculates interest using simple interest. The simple interest formula,I=PRT, expresses time in years. Since time is pretty important, this post will highlight ways to save the amount of money paid out in interest.

We'll be taking out a loan of $15,000. Suppose that you borrowed money on a personal loan with an interest rate of 8%.

calculate how much you'll have to pay back in total after 3 years.
Then, calculate how much you'll have to pay back in total if you make a $3,000 payment at the end of Year 2 (this requires 2 interest calculations - once after 2 years and then at the end of the loan).Be sure your answer is thetotal amountpaid back at the end of the loan - not just the payoff amount at the end of Year 3. Show and explain calculations

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Life Situation: Megan and Sean are looking for their first home in Ontario. They are in their late 20s and have been married for three years. They still have a small amount left to pay towards their...

PowerPoint Assignment for BUS 401: Principles of Finance You have been asked by a manager in your organization to put together a training program explaining Net Present Value (NPV) and Future Value...

Chapter 7:7.2 #2 (p. 168) Chapter 8:8.2 #3 (p. 205) Chapter 9:9.2 #1 (p. 225) a., b., and c. (for c., only answer the adjustable rate mortgage part Chapter 7 from Personal Finance was adapted by The...

i need some one toanswering these three questions. make sure to include apa format for the information pretty straight forward. Attached below are the chapters. Chapter 7: 7.2 #2 (p. 168) Chapter 8:...

See page 129- 137 on attachment for more details there are five steps to the project. Step 1: Create the loan amortization schedule for the property. Step 2: Create the depreciation schedule. Step 3:...

I need short journal entries for these articles, please. 1) Learning Objectives By the end of this section, you will be able to: Explain the various functions of money Contrast commodity money and...

Case Analysis 1. Compute the yield to maturity of Land'o'Toys' bonds before the purchase announcement and use it to determine the likely current bond rating. (Compare YTM to the table on p. 269)....

troduction: In this tab assignment you will create a household budget for yourself using Microsoft Excel A budget is an estimate of expected revenues and expenses for a period of time Follow these...

Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2021...

please help complete number one and show why its fraud in bulletin points and calculations in excel sheet please. ISSUES IN ACCOUNTING EDUCATION Vol. 19, No. 4 November 2004 pp. 505-527 Interstate...

Analyze the demand function for a dinner in the restaurant Delicious Food, given the four changes listed below: a) The restaurant down the street, Fancy Meals, features a two for one meal special. b)...

Bradford College has several sites and employs hundreds of teaching staff. The college has recently discovered a serious fraud involving false billings for part-time teaching. The fraud involved two...

Which of the following statement about futures contracts is incorrect? A . If a futures trader does not provide the extra funds when the balance in the margin account falls below the initial margin,...

A company is preparing completing their Cash Budget. The following data has been prepared for cash receipts and payments. January February March Cash receipts $1,061,200 $1,182,400 $1,091,700 Cash...