Calculate the total amount of money spent

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Problem - Garcia household has paid their family loan worth 150,000 in Wendy's company that lasted for 3 years. The household paid it monthly for 4,665.23 with a 2% interest. However, unexpectedly, their youngest has been hospitalized and the family needs to pay 100,000 for the hospital bills. The Garcia family decided to loan again a 150,000 worth of money in the same company with the same duration and monthly payment.

a) Calculate the total amount of the loan interest within the first 3 years.

b) Calculate the total amount of money spent if the Garcia household appears to loan again the same amount of money with the same duration and monthly payment after completing the first two loans. In your solution, include the following: - The statistical tool use to com pute/treat the data (show the complete output/solutions). Include tables. - How did you interpret the data.

Reference no: EM133028833

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