Question: - - O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere... To help open up a restaurant, Mal borrowed money from a bank.
- - O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere... To help open up a restaurant, Mal borrowed money from a bank. She took out a personal, amortized loan for $43,500, at an interest rate of 6.85%, with monthly payments for a term of 7 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Mai's monthly payment. x 5 ? (b) If Mal pays the monthly payment each month for the full term, find her total amount to repay the loan. (c) If Mal pays the monthly payment each month for the full term, find the total amount of Interest she will pay
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
