SOLUTION: Find the amount of interest and the monthly payment for the loan $3,400 at 12% add-on interest for 2 years.

Question 473385: Find the amount of interest and the monthly payment for the loan $3,400 at 12%
add-on interest for 2 years.
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
12% per year compounded monthly results in 1% per month (12/12 = 1).
the loan amount is 3400.
the period of the loan is 24 months.
the monthly payment is 160.0498056
over the 24 month period of the loan, you will have made a total payments of 24 * 160.0498056 = 3841.195333.
the interest you paid on the loan is 3841.195333 - 3400 = 441.195333.
i used a financial calculator to provide your answer.
i'm not sure what you're using.
let me know if this is enough for what you need to know or you need more details on how it was done.
let me know what tools you have available to you so i can tailor the answer to that.

RELATED QUESTIONS
Question #1 Find the amount of interest and the monthly payment of the loan. Purchase a (answered by jim_thompson5910)

Find the amount of interest and the monthly payment for the loan. Purchase a car for... (answered by solver91311)

Fifteen years ago a couple purchased a house for $180000 by paying a 20 % down payment... (answered by saradeitz8324)

Calculate the amount financed, the finance charge, and the monthly payments (in $) for... (answered by Theo)

My teacher didn't give me any formulas for these things.. please help me!! T~T 1. You (answered by KMST)

Fifteen years ago a couple purchased a house for by paying a 20% down payment and... (answered by math_tutor2020)

What is the monthly payment on a 5 year car loan for $14,000 at an annual interest rate... (answered by solver91311)

what is the monthly payment on a 5 year car loan for 14000 at an annual interest rate of... (answered by Theo)

4.2 For a loan of R2,750,000 at 12% per year, compounded monthly. If the loan is to be... (answered by ikleyn)