Question

To hp pay for college, Hong borrowed money from an online lending

company.
He took out a personal, amortized loan for $50,000, at an interest rate of
5.3%, with monthly payments for a term of 10 years.
For each part, do not round any intermediate computations and round
your final answers to the nearest cent.
If necessary, refer to the list of financial formulas.

A find hongs monthly payment


b if hong pays the monthly payment each month for the the full term find his total amount to repay the loan

c if hong pay the monthly payment each month for the full terms find the total amount of interest he will pay

Answer 1

M ≈ $530.84

Total amount to repay ≈ $63,700.80

Hong will pay a total of approximately $13,700.80 in interest over the term of the loan.

Explanation: