Question

Gus applied for a $12,000 loan with an interest rate of 7.3% for 5 years. Use the monthly payment formula to complete the statement. M = M = monthly payment P = principal r = interest rate t = number of years His monthly payment for the loan will be $ , and the total finance charge for the loan will be $ .

Answer 1

His monthly payment for the loan will be $

239.32,

and the total finance charge for the loan will be $

2,359.20.

Step-by-step explanation:PLATO

Answer 2

239.32 and 2359.20

Explanation:

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