What is the monthly payment for a 10 year 20,000 loan at 4.625% apr what is the total interest paid of this loan

rate = 4.625 / 1,200 = 0.0038541667

Payment = 0.0038541667 + (0.0038541667 / [1 + 0.0038541667]^120] -1) * 20,000

Payment = [0.0038541667 + [0.0038541667 / (1.5866279967 -1)] * 20,000

Payment = [0.0038541667 + [0.0038541667 / 0.5866279967] * 20,000

Payment = [0.0038541667 + 0.0065700353] * 20,000

Payment = 0.010424202 * 20,000

Payment = 208.48 per month

Total paid for loan = 208.48 * 120 months

Total paid for loan = 25,018.08

Amount Borrowed = 20,000 so, total interest

5,018.18

Source: http://www.1728.org/loanform.htm

And yes, it's just that "simple" LOL

Step-by-step explanation:

x =-.20752

step-by-step explanation:

4^(x+2)=12

4^(x+2)=12

take the log base 4 on each side

log 4 (4^(x+2) = log 4(12)

we know log b(a^y) = y log b (a)

(x+2) log 4(4) = log 4 (12)

x+2 = log 4 (12)

we know   logb c = loga c/loga b

we want to convert to base 10   so a = 10

by default, we do not write the 10   c = 4   and b = 10

log4 10 = log 12/log 4

log4 10 = log 12/ log 4

x+2 = log 12/ log 4

subtract 2 from each side

x +2 -2 = log 12/ log 4 -2

x = 1.79248125 -2

x =-.20752