Suppose a man took out a 30-year loan with an annual rate of 6% to...
60.1K
Verified Solution
Link Copied!
Question
Basic Math
Suppose a man took out a 30-year loan with an annual rate of 6% to put an addition on his house. His banker encouraged him to put other expenses into the loan if he wished, so he increased the loan in order to purchase furniture,a new car, and a computer. Suppose the computer cost $1,400. Assume that the loan is an add on loan to calculate parts a. and b.a. What was the amount of interest that he paid on the computer part of his loan?b. What was the total cost of his computer?a. The total interest is $(Simplify your answer.)*****
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
