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Stefano would like to obtain a $25,000 unsecured, open, variable-rate loan that will charge 6% interest to renovate his home. How much will his monthly

Stefano would like to obtain a $25,000 unsecured, open, variable-rate loan that will charge 6% interest to renovate his home.

How much will his monthly payment be if he wants to pay off the loan over a four-year period?

How much will his monthly payment be if he wants to pay off the loan over a seven-year period?

How much more money will it cost him to extend the loan over seven years instead of four years?

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