Suppose a man took out a 30-year loan with an annual rate of

Last updated: 7/8/2022

Suppose a man took out a 30-year loan with an annual rate of 6% to put an addition on his house. His banker encouraged him to put other expenses into the loan if he wished, so he increased the loan in order to purchase furniture,a new car, and a computer. Suppose the computer cost $1,400. Assume that the loan is an add on loan to calculate parts a. and b. a. What was the amount of interest that he paid on the computer part of his loan? b. What was the total cost of his computer? a. The total interest is $ (Simplify your answer.) *****