question 9

9. Assume you apply for an MBA loan of $14,000 with an interest rate of 12% compounded monthly. You will pay off the loan over 42 months with equal monthly payments. (a) The monthly interest rate is %. (Round to three decimal places.) (b) The amount of the equal monthly payment is $ (Round to the nearest cent.) (c) The interest payment for the 20th payment is $ (Round to the nearest cent.) (d) The total interest paid over the life of the loan is $ (Round to the nearest dollar.)