Subject: Finance Use the add-on method of calculating interest to find the total interest and the monthly payment.Interest Rate4.1%Amount of Loan$4100Length of Loan4 yearsThe total interest is $(Round to the nearest cent as needed.)

The add-on interest method is a way to figure out how much interest has been paid overall during the…

Use the add-on method of calculating interest to find the total interest and the monthly payment. Amount of Loan Length of Loan Interest Rate $4100 4 years 4.1% The total interest is $. (Round to the nearest cent as needed.)

Use the add-on method of calculating interest to find the total interest and the monthly payment. Amount of Loan Length of Loan Interest Rate $4100 4 years 4.1% The total interest is $. (Round to the nearest cent as needed.)

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 6FPE

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Concept explainers

Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.

Question

Subject: Finance

Use the add-on method of calculating interest to find the total interest and the monthly payment.
Interest Rate
4.1%
Amount of Loan
$4100
Length of Loan
4 years
The total interest is $
(Round to the nearest cent as needed.)

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