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What is amount of each monthly loan payment for rowynn

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Problem 1: Rowynn just signed loan papers to buy a new car. The loan is for $26,700 for four years at an interest rate of 5.8 percent, compounded monthly. What is the amount of each monthly loan payment?

A. $627.62

B. $621.60

C. $630.62

D. $624.60

E. $633.04

Problem 2: You borrow $150,000 to buy a house. The mortgage rate is 8.5 percent and the loan period is 30 years. Payments are made monthly. If you pay for the house according to the loan agreement, how much total interest will you pay? (Round the payment to two decimal places when computing the total interest.)

A. $138,086.67

B. $228,161.08

C. $265,213.20

D. $277,086.67

E. $382,500.00

Reference no: EM132958137

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