Answer:
Step-by-step explanation:
Given data
principal=$7500
rate= 3.875%= 0.03875
time =6years
The expression for the final amount for a simple interest is
A=p(1+rt)
A=7500(1+0.03875*6)
A=7500(1+0.2325)
A=7500(1.2325)
A=9243.75
$19243.75
1. What is her monthly payment?
given that it is spread over 6 years
there are 12*6 months= 72months
monthly pay=9243.75/72= $128.38
2. How much will she pay back in total?
=$19243.75
3. What is the finance charge?
the finance charge is the interest which is
$19243.75-$7500=$11743.75
