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need help on question 6 and 7 5. Thomas is taking out a $42,000 home-Improvement loan that he will make monthly payments on for eight

need help on question 6 and 7
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5. Thomas is taking out a $42,000 home-Improvement loan that he will make monthly payments on for eight years. The interest rate is 5.19% A) Find his monthly payment (3) Incorrect Solution: 1 Explanation of Errot(o): Correct Work and Solution PMT= A (-(140)) Here as marins PMT=42000% are C0001291/4140012314560 -42000 0.0515 being made $ 53472 (1-C140.0sis) Iwdi be 0.0515/12- 0.001297 $6537.78 n=8x12-96 b) Find the total amount of money he would end up paying during the life of the loan. (2) Incorrect Solution: Explanation of Erro(): Correct Work and Solution 6537.78.6 Here the total amount= number of ab x 534.722 61,3323 $39226.68 years is 8 but you have mittplied with 16 ALSO PMT IS 534.72 c) Find the amount of interest he would pay on the loan. (2) Incorrect Solutions Explanation of Error(s) Correct Work and Solutions Iuerto used here is The formula interest amount total amount paid I=42000 (0.0515)(2) that of simple interest 251333 23-42.000- & 9,333.23 I: $17304

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