The following loan is a simple interest amortized loan with monthly payments. $4000 , 8.5%, 4 years

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The following loan is a simple interest amortized loan with monthly payments.
$4000 , 8.5%, 4 years

(a) Find the monthly payment. (Give your answer to the nearest cent.)
Payment $

(b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)
Total interest $

Related Book For answer-question

Introduction to Finance Markets Investments and Financial Management

ISBN: 978-1118492673

15th edition

Authors: Melicher Ronald, Norton Edgar

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Posted Date: Apr 03, 2023 01:29 AM

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The following loan is a simple interest amortized loan with monthly payments. $4000 , 8.5%, 4 years

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Expert Answer:

Answer a The monthly payment for a simple interest amortized loan is calculated using the formula Mo... View the full answer

Introduction to Finance Markets Investments and Financial Management

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