Unit 8 Financial Literacy BOL PCMath 1 1 - Rev. July 2020 Loan Payment Calculator PERSONALLOAN PAYMENT CALCULATOR Monthly payment per $1000 borrowed Interest Rate Term in Years Use the following personal loan payment calculator for questions 3 and 4. 3.00 84.69 42.98 25.08 22.13 17.97 3.50 84.92 43.20 29.30 22 36 18.19 4.00 85.15 43.42 29.52 22 58 18 42 4.50 85.38 43.65 29.75 22.80 18.64 5.00 85.61 43.87 29.97 23.03 18.87 5.50 85.84 44.10 30 20 23.26 19 10 Don't Te 6.00 86.07 44.32 30.42 23.49 19.33 formal 3. a) Use the personal loan payment calculator to determine how much the monthly payments ning ins would be if a customer financed the purchase of a new road bike by borrowing $3200 at a rate of cture in 5.5% for three years. Show your work. at relat ubject. I mark b) Determine the total cost of the loan. lished b) 1 mark o tight in my and th c) Determine how much the customer paid in finance charges over the two years. I mark As poe terms 4. A customer borrows $16500 at rate of 4% for 4 years. Use the personal loan payment ed to calculator to determine: al featu a) the monthly payments ite a u a) I mark b) the total cost of borrowing b) 2 marks thout