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

question 40

Short Answer

Find the amount of interest and the monthly payment for the loan described below. Round your answers to the nearest cent.
Purchased a car for $30,450 at 9.9% add-on interest for 4 years.
$ __________ interest; $ __________ per month

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Definitions:

Personality Development

The gradual and ongoing process of change in personality traits and behaviors over the course of an individual's life, shaped by both internal dispositions and external experiences.

Culture

The customs, arts, social institutions, and achievements of a particular nation, people, or other social group.

Demographic Shift

Changes in the demographics of a population over time, which may include changes in age distribution, fertility rates, mortality rates, or migration trends.

Browning of America

This term describes the demographic trend of an increasing proportion of people of color, particularly those of Hispanic and Asian descent, in the United States population.