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Sagot :
We will solve as follows:
We have that the interest rate is 6.6%:
[tex]P=\frac{(Pv\cdot R)}{(1-(1+R)^{n-1}}[/tex]Here we have P the monthly payment, Pv is the Present value, R is the periodic interest rate(APR/n) n is the total number of interest periods, so:
[tex]P=\frac{(9200)(\frac{0.066)}{12})}{(1-(1+\frac{0.066}{12})^{11})})\Rightarrow P\approx155.09[/tex]So, the monthly payment is approximately $155.09.
And the total interest paid is given by:
[tex]I=N\cdot M-P\Rightarrow I=(155.09)(72)-9200=I=1965.33[/tex]
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