Math Interest question

Question

The following loan is a simple interest amortized loan with monthly payments. (Round your answers to the nearest cent.)

$4000, 9 1/2% , 4 years

(a) Find the monthly payment.

(b) Find the total interest.

Answer 1

Hello Annie, You said simple interest, We b have: I = P x R x T

I = ?

P= $4,000.00

R= 9.5% 0.095

T=4

I = (4,000.00) (0.095) (4)

I =$ 1,520.00 =Total Interest

Hope this helps!