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Use the add-on method of caloulating interest to find the total intorest and the monthly payment. Length of Loan 4 years Amount of Loan Interest Rate $4400 4.1% The total interest is $ (Round to the nearest cent as needed.) The monthly payment is $. (Round to the nearest cent as needed.)

Use the add-on method of caloulating interest to find the total intorest and the monthly payment. Length of Loan 4 years Amount of Loan Interest Rate $4400 4.1% The total interest is $ (Round to the nearest cent as needed.) The monthly payment is $. (Round to the nearest cent as needed.)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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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Use the add-on method of caloulating interest to find the total interest and the monthly payment. Length of Loan 4 years Amount of Loan Interest Rate $4400 4.1% The total interest is $ (Round to the nearest cent as needed.) The monthly payment is $ (Round to the nearest cent as needed.) Enter your answer in each of the answer boxes.
Transcribed Image Text:Use the add-on method of caloulating interest to find the total interest and the monthly payment. Length of Loan 4 years Amount of Loan Interest Rate $4400 4.1% The total interest is $ (Round to the nearest cent as needed.) The monthly payment is $ (Round to the nearest cent as needed.) Enter your answer in each of the answer boxes.
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