To find the total amount paid, interest paid, and monthly payment for a 10-year loan with 4% 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
Interest = Principal x Rate x Time
Here, Rate = 4% = 0.04 (as a decimal)
Time = 10 years
So, Interest = $10,000 x 0.04 x 10 = $4,000
Total amount paid = $10,000 + $4,000 = $14,000
To find the monthly payment, we can use the formula:
Monthly payment = Total amount paid / Number of months
Number of months = 10 years x 12 months/year = 120 months
So, Monthly payment = $14,000 / 120 = $116.67 (rounded to the nearest cent)
Therefore, the total amount paid is $14,000, the interest paid is $4,000, and the monthly payment is $116.67.