Find the Amount of Interest and the Monthly Payment for the Loan

question 171

Short Answer

Find the amount of interest and the monthly payment for the loan described below. Round interest to the nearest dollar and monthly payment to the nearest cent.
Purchased a woodstove for $1,850 at 13% add-on interest for 2 years.
$ __________ interest; $ __________ per month

---

Definitions:

Frostbite

A condition where localized damage is caused to skin and other tissues due to extreme cold.

Heatstroke

A severe condition caused by impairment of the body’s temperature-regulating abilities, resulting from prolonged exposure to excessive heat and characterized by cessation of sweating, severe headache, high fever, hot dry skin, and in serious cases collapse and coma.

Coma

An abnormal deep stupor from which a person cannot be aroused by external stimuli.

Diabetic Ketoacidosis

A severe metabolic condition often associated with type 1 diabetes where the body produces excess blood acids (ketones).