Loans allow consumers to borrow money for items they need. Many of you have already taken out loans for college, vehicles, businesses, or homes. Include in your main post: If you have had one, briefly share whether or not you have experience with any of these types of loans. An amount that you might borrow for college or for a vehicle or home purchase. State which type of loan you are choosing. Check your bank to see their current interest rate for that type of loan and share it. State the period of time, in years, that you will be paying off the loan. Use the mortgages loan formula along with the amount, interest rate, and time period to compute the monthly payment you would need to make for the loan. (This formula works for any type of loan.) Assume that the loan is compounded monthly. Show the formula with the values substituted in, then use a calculator to find the result. Use the equation editor to show your work. State what your monthly payment will be based on the results. Round to the nearest cent. When commenting in your reply post be sure to include: Any experience you have had with this type of loan. Whether you feel that the result seems reasonable and whether the computation seems to be done correctly. Feel free to check it using a calculator. If you find any issues, comment on what would be needed to achieve the correct result. Compute the total amount paid back over the period of the loan and how much of that amount is the interest. Show your computations and results using the equation editor. Round to the nearest cent