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3 votes
a 4 year loan with 6% simple interest? Find the total amount paid, interest paid, and the monthly payment.

asked
User Masanori
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7.6k points

2 Answers

4 votes
I believe it is 258.33
answered
User Brgs
by
8.1k points
5 votes
Hope this also help

To find the total amount paid, interest paid, and monthly payment for a 4-year loan with 6% simple interest, we need to know the principal amount of the loan. Let's assume the principal amount is $10,000.

Total amount paid = Principal + Interest
Interest = Principal x Rate x Time
Time = 4 years

Interest = $10,000 x 0.06 x 4 = $2,400
Total amount paid = $10,000 + $2,400 = $12,400

To find the monthly payment, we can divide the total amount paid by the number of months in 4 years (48 months).

Monthly payment = $12,400 / 48 = $258.33 (rounded to the nearest cent)

Therefore, the total amount paid is $12,400, the interest paid is $2,400, and the monthly payment is $258.33.

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