3 $289,000, 10%, 35 years

Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.4: Mathematics Of Finance
Problem 16E
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The following loan is a simple interest amortized loan with monthly payments.
3
$289,000, 10%, 35 years
4
(a) Find the monthly payment. (Give your answer to the nearest cent.)
Payment $
(b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)
Total interest $
Transcribed Image Text:The following loan is a simple interest amortized loan with monthly payments. 3 $289,000, 10%, 35 years 4 (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $
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