I need help with this problem, please It's back Everything from student loans to car loans to home mortgages calculates interest using simple interest The simple interest formula, I PRT , expresses time in years Since time is pretty important, this post will highlight ways to save the amount of money paid out in interest We'll be taking out a loan of $15,000 Suppose that you borrowed money on a personal loan with an interest rate of 8 calculate how much you'll have to pay back in total after 3 years Then, calculate how much you'll have to pay back in total if you make a $3,000 payment at the end of Year 2 (this requires 2 interest calculations once after 2 years and then at the end of the loan) Be sure your answer is the total amount paid back at the end of the loan not just the payoff amount at the end of Year 3 Show and explain calculations

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Posted on Oct 07, 2024

I need help with this problem, please. It's back! Everything from student loans to car loans to home mortgages calculates interest using simple interest. The

I need help with this problem, please.

It's back! Everything from student loans to car loans to home mortgages calculates interest using simple interest. The simple interest formula,I=PRT, expresses time in years. Since time is pretty important, this post will highlight ways to save the amount of money paid out in interest.

We'll be taking out a loan of $15,000. Suppose that you borrowed money on a personal loan with an interest rate of 8%.

calculate how much you'll have to pay back in total after 3 years.
Then, calculate how much you'll have to pay back in total if you make a $3,000 payment at the end of Year 2 (this requires 2 interest calculations - once after 2 years and then at the end of the loan).Be sure your answer is thetotal amountpaid back at the end of the loan - not just the payoff amount at the end of Year 3. Show and explain calculations