Miguel borrowed money from a bank to buy a camper. He took out a...
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Finance
Miguel borrowed money from a bank to buy a camper. He took out a personal, amortized loan for $ at an interest rate of with monthly payments for a term of years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. a Find Miguel's monthly payment. b If Miguel pays the monthly payment each month for the full term, find his total amount to repay the loan. $ c If Miguel pays the monthly payment each month for the full term, find the total amount of interest he will pay. $
Miguel borrowed money from a bank to buy a camper.
He took out a personal, amortized loan for $ at an interest rate of with monthly payments for a term of years.
For each part, do not round any intermediate computations and round your final answers to the nearest cent.
If necessary, refer to the list of financial formulas.
a Find Miguel's monthly payment.
b If Miguel pays the monthly payment each month for the full term,
find his total amount to repay the loan.
$
c If Miguel pays the monthly payment each month for the full term,
find the total amount of interest he will pay.
$
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