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How much interest would be paid

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Question - 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 the question. Round the answer to the nearest cent.

Assume that interest is the only finance charge. Use financial calculator to answer the questions.

How much interest would be paid on a $3,000 installment loan to be repaid in 36 monthly installments of $99.71? Round the answer to 4 decimal places.

After careful comparison shopping, Isabella Green decides to buy a new Toyota Camry. With some options added, the car has a price of $23,500 - including plates and taxes. Because she can't afford to pay cash for the car, she will use some savings and her old car as a trade-in to put down $5,500. She plans to finance the rest with a $18,000, 48-month loan at a simple interest rate of 9.5 percent.

a. What will her monthly payments be? Round the answer to the nearest cent.

b. How much total interest will Isabella pay in the first year of the loan? Round the answer to the nearest cent.

c. How much interest will Isabella pay over the full (48-month) life of the loan? Round the answer to the nearest cent.

d. What is the APR on this loan?

Reference no: EM132644556

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