#6 - Calculate the monthly payment necessary to retire the following loan amount is simple interest is charged on the rate.
• Loan Amount: $4500
Rate: 10%
• Time: 3 years
Select the correct answer from each dropdown menu.
A) Interest Owed: $ (Select]
B) Maturity Value: $ (Select]
C) Monthly Payment: $ [Select]

9514 1404 393

  A)  $1350

  B)  $5850

  C)  $162.50

Step-by-step explanation:

A) The interest is given by the formula ...

  I = Prt

where P is the principal amount, r is the interest rate, and t is the number of years.

  I = $4500×0.10×3 = $1350

The interest owed is $1350.

__

B) At maturity, the principal and interest are due. That amount is ...

  $4500 +1350 = $5850

The maturity value is $5850.

__

C) If the maturity value is paid in 36 equal monthly installments, each is ...

  $5850/36 = $162.50

The monthly payment is $162.50.

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step-by-step explanation:

fist on the left goes with the third on the right. second on the left goes with the fourth on the right. third on the left goes with the second on the right. the fourth on the left goes with first on the right