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Alan wants to take out a loan to buy a car for [tex]$20,000. The interest rate is 2.55% per year and the loan term is 5 years. Use the ALEKS loan calculator for the following. Also use the regular ALEKS calculator, as necessary. Write your answers to the nearest cent. ALEKS Loan Calculator (a) Find the monthly payment. Loan amount: $[/tex] 20,000
Loan term:
5
years
Interest rate:
2.55 %

Calculate
Monthly payment:
П
(b) Find the total amount to repay the loan.
$
(c) Find the total amount of interest that wil
be paid.

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Sagot :

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