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To help open up a restaurant, Shen borrowed money from his credit union. He took out a personal, amortized loan for $40,000, at an
To help open up a restaurant, Shen borrowed money from his credit union. He took out a personal, amortized loan for $40,000, at an interest rate of 6.9%, with monthly payments for a term of 6 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Shen's monthly payment. ? (b) If Shen pays the monthly payment each month for the full term, find his total amount to repay the loan. $0 (c) If Shen pays the monthly payment each month for the full term, find the total amount of interest he will pay. $
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