The difference between the total of all your payments

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Reference no: EM131960647

?You've just bought a new flat screen TV for $4,000 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 13?% compounded monthly. If you take the financing and make monthly payments of ?$97?, how long will it take to pay the loan? off? How much did you pay in interest over the life of the loan? (that is, the difference between the total of all your payments and the amount of your payments that went toward your principal of $4,000?)?

To pay off the? loan, it will take approximately_______months? (round to two decimal places.)

Over the life of the loan you paid $_________ in interest? (round to the nearest cent)

Reference no: EM131960647

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