Question Suppose Sofia is considering a 5-year loan for $6,000 at an interest rate of 7%.
Use the table to complete the statements. Type the correct answer in each box. Round your answer to the nearest cent.
Monthly Payment per $1,000 of Principal
Rate 1 Year 2 Years 3 Years 4 Years 5 Years
6.5% $86.30 $44.55 $30.65 $23.71 $19.57
7.0% 586.53 $44.77 $30.88 $23.95 $19.80
7.5% 586.76 $45.00 $31.11 $24.18
$20.04
8.0% 586.99 $45.23 $31.34 $24.41 $20.28
8.5% $87.22 $45.46 $24.65 $24.65 $20.52
9.0% 587.45 $45.68 $31.80 $24.89 $20.76
Sofia's monthly payment would be $
so the total
The total number of monthly payments that Sofia would make over the life of the loan is
finance charge on her loan would be $