The following loan is a simple interest amortized loan with monthly payments. (Round your answers to the nearest cent.)$6000, 812%, 4 years
Question
Solution 1
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% Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI
Similar Questions
A $$$5170 investment earns interest at $$2.2% p.a. compounded monthly over $$18 years. What is the future value ($$A) of the investment to the nearest cent?
Choose the correct monthly payment for the following loan. $12,000 loan for 2 years at 4.11% interest rate.
What is the effective annual interest rate on a 9% APR automobile loan that has monthly payments?Question 2
An employee saving for retirement invests $7,500 for 34 months at . How much interest will be earned on this investment? Round to the nearest cent.
Calculate the maturity value of the simple interest loan. (Round your answer to two decimal places.)P = $15,000, r = 8.3%, t = 8 months
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.