SOLUTION: You borrow from JKL Bank 10,000.00 dollars for 100 months at 2.25% simple interest rate. Question 01: How much interest will you pay on this loan and what is the total amount yo

Question 749403: You borrow from JKL Bank 10,000.00 dollars for 100 months at 2.25% simple interest rate.
Question 01: How much interest will you pay on this loan and what is the total amount you will give to JKL Bank?
Question 02: If you agreed to make monthly payments for the duration of the loan, compute the amount of each payment.
Question 03: Compute what part of each monthly payment goes towards paying the capital and what part goes to interest payments.

Answer by lynnlo(4176) (Show Source): You can put this solution on YOUR website!

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