Answered

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Keisha borrowed money from a bank to buy a fishing boat.
She took out a personal, amortized loan for $19,500, at an interest rate of 4.75%, with monthly payments for a term of 5 years.

(a) Find Keisha's monthly payment.
(b) If Keisha pays the monthly payment each month for the full term,
find her total amount to repay the loan.
$0
(c) If Keisha pays the monthly payment each month for the full term,
find the total amount of interest she will pay.
$0

Sagot :

Answer:

Your $19,513 loan has 60 monthly payments of $366.00 at 4.75%.

If you make all of your payments on this loan, and do not prepay any of the principal, the total interest for this loan is $2,447.26.

Step-by-step explanation:Loan Summary

Total payments $21,960.26

Total interest paid $2,447.26

Loan amount $19,513

Monthly payment $366.00

Interest rate 4.75%

Term 60 monthly payments

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