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a 5 year loan with 5.5% simple interest? Find the total amount paid, interest paid, and the monthly payment.

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Explanation:

i had that one its really hard

User Ngoa
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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.
User Arcy
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