You are making payments for a $1,475 loan that has a simple interest rate of 7.54% for 5 years. What is the total amount you will owe? How much is each monthly payment?

Answer:$2,031.08Step-by-step explanation:You want to calculate the interest on $1475 at 7.54% interest per year after 5 year(s).The formula we'll use for this is the simple interest formula, or:                                                     I=P x r x tP is the principal amount, $1475.00.r is the interest rate, 7.54% per year, or in decimal form, 7.54/100=0.0754.t is the time involved, 5....year(s) time periods.So, t is 5....year time periods.To find the simple interest, we multiply 1475 × 0.0754 × 5 to get that:The interest is: $556.08Usually now, the interest is added onto the principal to figure some new amount after 5 year(s), or 1475.00 + 556.08 = 2031.08. For example:If you borrowed the $1475.00, you would now owe $2031.08If you loaned someone $1475.00, you would now be due $2031.08If owned something, like a $1475.00 bond, it would be worth $2031.08 now.