Hope this helps
To calculate the total amount paid, interest paid, and monthly payment for a 5-year loan with 5.5% simple interest, we need to know the principal amount of the loan. Let's assume the principal amount is $10,000.
Total amount paid = Principal + Interest
Total amount paid = $10,000 + Interest
To calculate the interest, we can use the formula:
Interest = Principal x Rate x Time
Where Rate is the interest rate per year and Time is the time period in years.
Interest = $10,000 x 0.055 x 5
Interest = $2,750
So the total amount paid would be:
Total amount paid = $10,000 + $2,750
Total amount paid = $12,750
To calculate the monthly payment, we can use the formula:
Monthly payment = Total amount paid / Number of months
Where Number of months is the total number of months in the loan term.
Number of months = 5 years x 12 months/year
Number of months = 60 months
Monthly payment = $12,750 / 60
Monthly payment = $212.50
Therefore, the total amount paid is $12,750, the interest paid is $2,750, and the monthly payment is $212.50.