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:

Sarbanes-Oxley Act

The Sarbanes-Oxley Act is a U.S. law enacted in 2002 to protect investors from potential fraudulent activities by corporations, improving financial disclosures and preventing accounting fraud.

Auditor's Report

A formal opinion or disclaimer, issued by an independent external auditor as a result of an audit or evaluation of a firm's financial statements.

Financial Statements

Formal records that outline the financial activities and condition of a business, including the balance sheet, income statement, and cash flow statement.

Unusual Item

A significant transaction or event that is infrequent in nature, distinct from the ordinary activities of the business.