Find the total amount of interest paid over the term of loan

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Reference no: EM133282759

Question - You borrowed $2000 from a friend to purchase a new laptop computer and have agreed to pay back the loan with monthly payments of $200 plus 1% interest on the unpaid balance.

Required -

(a) Find the first six monthly payments you will make and the unpaid balance after each month.

(b) Find the total amount of interest paid over the term of the loan.

Reference no: EM133282759

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