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Sagot :
The total interest on the loan and monthly payments are $64,000 and $ 1,333.3 respectively
The formula for calculating the simple interest is expressed as:
I = PRT
- P is the amount borrowed = $16,000
- R is the rate = 8% = 0.08
- T is the time = 5 years
Get the interest;
I = 16,000 * 0.8 * 5
I = $64000
Amount after 5 years = 16000 + 64000
Amount after 5 years = $80,000
Monthly payment = 80000/60months
Monthly payment = $1,333.33
Hence the total interest on the loan and monthly payment are $64,000 and $ 1,333.3 respectively
Learn more on interest here: https://brainly.com/question/10488979
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