2. A loan of $94028.12 is repaid by monthly payments of $625.75. The interest rate charged is 5.1% compounded monthly. (a) Find the number of monthly payments. (b) What is the total amount of interest...


2. A loan of $94028.12 is repaid by monthly payments of $625.75. The interest rate charged is 5.1%<br>compounded monthly.<br>(a) Find the number of monthly payments.<br>(b) What is the total amount of interest paid over the course of the loan?<br>

Extracted text: 2. A loan of $94028.12 is repaid by monthly payments of $625.75. The interest rate charged is 5.1% compounded monthly. (a) Find the number of monthly payments. (b) What is the total amount of interest paid over the course of the loan?

Jun 05, 2022
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