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To help open up a jewelry store, Joe borrowed money from his credit union. He took out a personal, amortized loan for $44,500, at an
To help open up a jewelry store, Joe borrowed money from his credit union. He took out a personal, amortized loan for $44,500, at an interest rate of 6.9%, with monthly payments for a term of 7 years. For each part, do not round any intermediate computations and round your nal answers to the nearest cent. If necessary, refer to the list of financial formulas. (3) Find Joe's monthly payment. X 5 r? $ll] (b) If Joe pays the monthly payment each month for the full term, nd his total amount to repay the loan. 5D (c) If Joe pays the monthly payment each month for the full term, nd the total amount of interest he will pay. $l]
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