The following loan is a simple interest amortized loan with monthly payments. (Round your answers to the nearest cent.)$6000, 812%, 4 years

The given loan amount is $6000, the interest rate is 812% (which is extremely high and unusual for a loan), and the loan term is 4 years.

First, we need to convert the annual interest rate to a monthly rate. Since there are 12 months in a year, we divide the annual rate by 12.

812 / 12 = 67.67% per month

Next, we need to convert the percentage to a decimal by dividing by 100.

67.67 / 100 = 0.6767

Next, we calculate the total number of payments over the loan term. Since payments are made monthly and the term is 4 years, there are 4 * 12 = 48 payments.

The formula for the monthly payment on a simple interest amortized loan is:

P = [r*PV] / [1 - (1 + r)^-n]

where: P = monthly payment r = monthly interest rate PV = present value, i.e., the loan amount n = total number of payments

Substituting the given values into the formula, we get:

P = [0.6767 * 6000] / [1 - (1 + 0.6767)^-48]

This calculation will give you the monthly payment for the loan. However, please note that an interest rate of 812% is extremely high and not typical for most loans. It's possible that there may be a mistake in the problem as presented.