6.3: Options for Repaying Borrowed Money

Someone who is paid every other Friday is paid:

Someone who is paid twice a month is paid:

Someone who is paid weekly is paid (a)   times a year.

Determine Michelle's monthly payment.

If her monthly payment is $594.04, determine the total amount that she will end up paying for this vehicle at the end of 5 years.

If she pays back a total of $35,642.40 on her $30,000 loan, how much interest does she pay?

If Michelle determines that she would rather pay off the $30,000 loan in 4 years at 7% compounded monthly, determine her new monthly payment.