Homework Answers
a.
Calculating Monthly Payment,
Using TVM Calculation,
PMT = [PV = 27,000, FV = 0, N = 12, I = 0.0785/12]
PMT = $2,346.82
b.
Total Amount Paid = 12(2,346.82) = $28,161.84
c.
Total Interest Paid = (12)(2,346.82) - 27,000
Total Interest Paid = $1,161.84
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