Question: Using the simple interest method, find the monthly payments on a $2,000 installment loan if the funds are borrowed for 30 months at an annual

Using the simple interest method, find the monthly payments on a $2,000 installment loan if the funds are borrowed for 30 months at an annual interest rate of 8%. Round the answer to the nearest cent. Round the answer to the nearest cent. $ 160 per month

How much interest will be paid during the first year of this loan? Round your intermediate computations and final answers to the nearest cent.

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 Finance Questions!

Using the simple interest method, find the monthly payments on a $3,000 installment loan if the funds are borrowed for 24 months at an annual interest rate of 8%. How much interest will be paid...

Using the simple interest method, find the monthly payments on a $1,000 installment loan if the funds are borrowed for 30 months at an annual interest rate of 12%. Use financial calculator to answer...

Using the simple interest method, find the monthly payments on a $3,500 installment loan if the funds are borrowed for 36 months at an annual interest rate of 9%. Use financial calculator to answer...

Using the simple interest method, find the monthly payments on a $2,000 installment loan if the funds are borrowed for 30 months at an annual interest rate of 9. You can use financial calculator,...

Using the simple interest method, find the monthly payments on a $3,000 installment loan if the funds are borrowed for 24 months at an annual interest rote of 6% You can use financial calculator,...

Using the simple interest method, find the monthly payments on a $2,000 installment loan if the funds are borrowed for 18 months at an annual interest rate of 9%. You can use financial calculator,...

Using the simple interest method, find the monthly payments on a $3,000 installment loan if the funds are borrowed for 24 months at an annual interest rate of 8%. How much interest will be paid...

Using the simple interest method, find the monthly payments on a $5,500 installment loan if the funds are borrowed for 30 months at an annual interest rate of 14% Use financial calculator to answer...

Colgate- Palmolive Company operates two product segments. Go to the company website (www.colgatepalmolive.com), and then click on the For Investors link. From there, go to the SEC filings and click...

One of the following transformations is nonlineat a. T(P)-p Where p is polynomial. O b. T(A) DA where A is a square matrix. Oc. T(A)= tr(A) where A is a square matrix. d. T(x)=5 x- 13

Sharise wants to buy a house. She has asked you what her mortgage payment will be ( for principal and interest only ) . The house she is looking at costs $ 3 9 1 , 8 9 6 . She qualified for a 2 9...

34) The amount due on the maturity date of a $6,000, 60-day 4%, note receivable is: (Use 360 days a year.) A) 56,000 B) $6.240. C) 55,760 D) $6,040 E) 55,960