Question

Spencer takes out a home improvement loan for $30,000 at an interest rate of 5.5%. How much does he owe, and what is his monthly payment if he chooses the 6- year loan payment plan? Label your answer and round to the nearest cent, if needed, Hint: Consider using the simple interest formula. Paragraph Arial T - T TT T 3 (12pt) T T. Of Meshups HTML CSS Path: p Words:0 QUESTION S How much does Spencer save if he pays off the loan in 5 years instead of 6 years? Write your answer in a complete sentence. T TTT Paragraph Arial 3 (12pt) T . QiXA XDOQ T' T. O f Words:0 th: p QUESTION 3 Spencer takes out a home improvement loan for $30,000 at an interest rate of 5.5%. How much does he owe, and what is his monthly payment if he chooses a 5 year loan payment plan? Label your answer and round to the nearest cent, if needed. Hint: Consider using the simple interest formula. For the toolbar, press ALT+F10 (PC) or ALT FN+F10 (Mac). TTTT Paragraph : Arial 3 (12pt) E - T . XDaQ T T. O S. Mashups Click Sqve and Submit to sqve and.submit Cliale

Answer 1

3000 O P(iYt) (0oss 30000 A 39900 A fox 39900 39900 mont aymen S54. r)) 3P 2 o A - 399 OO A = 6TO 3 8 20 Save 399 0O - 6 Years Sren Cer Sa ve $(6S6