Question
nvestigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of$13,000at7and7/8%interest
nvestigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of$13,000at7and7/8%interest if the term is the following. (Round all answers to the nearest cent.)
(a) 3 years.Payment$Total interest$
(b) 4 years.Payment$Total interest$
(c) 5 years.Payment$Total interest$
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
12th Edition
978-0030243998, 30243998, 324422695, 978-0324422696
