Fixed rate loans and stuff?

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Joe takes out a personal fixed rate loan for $7800 at 9% interest. He plans to repay this loan in 3 years.

What will his monthly payment be?

How much interest will he have paid at the end of the three years?

please show your work and explain how you got the answer

thanks

Fixed rate loans and stuff?

If you have a BA II plus calculator, then it will give you the answer:

Just enter $7800 for Present value (PV), 9% interest (1/y), 3 Periods(n) and compute (CPT) payment: $3,128.86.

To find out the interest, take $3128.86 x 3=9,386.58-7800=$1586.58 interest paid.



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