Calculate the interest and total amount to be paid for each of the following.Pay attention to the term, sometimes people take out loans that do notequal a whole year.Totalloanamountto bepaidLoanTotalInterestto bepaidPrinci InterestpalNameTotalTotalrateInterest Interestterm(inperyearpermonth monthsJohanna45505.5%24Martin72406.5%36Sonia5000 7%17Ferdy8500 3.5%Dave9508.5%Liz11400 7.45%9Jermaine12500 5.5%24Rudy22600 3%22Nora15400 6.5%20Nilliam4800 4.75%32

The total amount of the loan paid is the sum of interest and principal.

Answered: Calculate the interest and total amount…

Calculate the interest and total amount to E Pay attention to the term, sometimes peop equal a whole year. Princi Interest Total Interest Int Name pal rate per year me

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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Question

Calculate the interest and total amount to be paid for each of the following.
Pay attention to the term, sometimes people take out loans that do not
equal a whole year.
Total
loan
amount
to be
paid
Loan
Total
Interest
to be
paid
Princi Interest
pal
Name
Total
Total
rate
Interest Interest
term
(in
per
year
per
month months
Johanna
4550
5.5%
24
Martin
7240
6.5%
36
Sonia
5000 7%
17
Ferdy
8500 3.5%
Dave
950
8.5%
Liz
11400 7.45%
9
Jermaine
12500 5.5%
24
Rudy
22600 3%
22
Nora
15400 6.5%
20
Nilliam
4800 4.75%
32

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