FIN- calculate how long it will take to repay the loan
You’ve just bought a new flat screen TV for $3000 the store
Subject: Business   / Finance
Question
You’ve just bought a new flat screen TV for $3000 the store you bought it from offers to let you finance the entire purchase at an annual rate of 14% compounded monthly. If you take the financing and make monthly payments of $100, how long will it take to pay the loan off?
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How much did you pay in interest over the life of the loan(that is, the difference between the total of all your payments and the amount of your payments that went toward your principal of $3,000)?
To pay off the loan, it will take approximately how many months?(Round to two decimalplaces.)
Over the life of the loan, you paid how much in interest?
(Round to the nearest cent)
