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a 10 year loan with 4% simple interest? Find the total amount paid, interest paid, and the monthly payment.

User UmYeah
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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.
User Shivakrishna
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