Compute the monthly payment on a $65,000 loanif the principal and interest are to be repaid in 84 equak installments with the first payment due one month from now. The annual interest rate is 8.50%....

Compute the monthly payment on a $65,000 loanif the principal and interest are to be repaid in 84 equak installments with the first payment due one month from now. The annual interest rate is 8.50%.

Using this information, you consider taking an additional year to off the loan. What is the new monthly payment if you do this take one more year at the same rate to pay off the loan?

Using the information from the previous two questions, how much reduction in monthly payments is there if you take an extra year to pay off the loan (i.e. 12 months or more)?