Select the correct answer from each drop-down menu. Rodrigo applied for a $14,000 loan at an interest rate of 5.4% for 6 years. Use the monthly payment formula to complete the statement.

M =

M = monthly payment

P = principal

r = interest rate

t = number of years

Rodrigo’s monthly payment for the loan is , and the total finance charge for the loan is .

Step-by-step explanation:

Given Principal = $14,000,

r = rate (in %) = 5.4%

t = time (in years) = 6years

Simple interest = principal *rate*time/100

Simple interest = 14000*5.4*6/100

simple interest = $4,536

Total finance charge on $14,000 loan at an interest rate of 5.4% for 6 years is $4,536

Amount charged for 6 years = Principal + Interest

Amount charged for 6 years = $14,000 + $4,536

Amount charged for 6 years = $18,536

Monthly payment = Amount charged for 6years/Total months

Monthly payment = $18,536/12*6

Monthly payment = $18,536/72

Monthly payment ≈ $257.44

there are no short passages to look at

all group life insurance is term insurance. actually it is annual renewable term and it is rated on the average age and claims experience of the entire group, which is called "experience rating." remember, this type of insurance has a 31-day grace period and is convertible to whole life upon leaving employment. a contributory group plan requires that both the employer and the employees pay part of the premium. at least 75% of those eligible must participate, so the group is sure to get most of the healthy employees as well as those that are sick.

step-by-step explanation: