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Loans Tutorial
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Question
Suppose Sofia is considering a 5-year loan for $5,000 at an interest rate of 7%.
Use the table to complete the statements. Type the correct answer in each box, Round your answer to the nearest cent.
Monthly Payment per 51.000 of Principal
Rate 1 Year 2 Years 3 Years 4 Years 5 Years
55 555 30 542 55 530 65 523.71 $19.57
70958553 56477 530.58 $23.95 $19.80
75 58675 545.00 53111 52418 520.04
8.0 586 99 54533 3134 52441 520.28
3.5 55722 45.45 524 55 52455
$20.52
90% 557 55 $15.58 S3180 $24.99 $20.75
Sofia's monthly payment would be $ 19.80 -
The total number of monthly payments that Sofia would make over the life of the loan is
finance charge on her loan would be $
so the total