Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,800 at 12% add-on interest for 4 years. (Round your monthly payment to the nearest cent.)

I bought car for $32.000. Interest 11%. What my payment and how long will take?

To find the amount of interest and the monthly payment for the loan, we first need to calculate the total amount to be paid back, which includes both the principal (the original purchase price) and the interest.

Step 1: Calculate the interest amount
To calculate the add-on interest, we multiply the principal by the interest rate and the length of the loan.

Interest = Principal * Interest Rate * Loan Duration
Interest = $3,800 * 0.12 * 4 = $1,824

So, the amount of interest for this loan is $1,824.

Step 2: Calculate the total amount to be paid back
To find the total amount to be paid back, we add the interest amount to the principal.

Total Amount = Principal + Interest
Total Amount = $3,800 + $1,824 = $5,624

The total amount to be paid back is $5,624.

Step 3: Calculate the monthly payment
To find the monthly payment, we divide the total amount by the number of months in the loan term.

Monthly Payment = Total Amount / Number of Months
Monthly Payment = $5,624 / (4 years * 12 months/year)
Monthly Payment ≈ $117.17

Therefore, the monthly payment for this loan, rounded to the nearest cent, is approximately $117.17.