) Use the following personal loan payment calculator to determine the monthly payments and the total cost of borrowing $18000 at rate of 3%

) Use the following personal loan payment calculator to determine the monthly payments and the total cost of borrowing $18000 at rate of 3% for 4 years. (4 marks)

PERSONAL LOAN PAYMENT CALCULATOR

Monthly payment per $1000 borrowed

Interest Rate                  Term in Years

                         1        2           3        4       5

3.00                    84.69 42.98 29.08 22.13 17.97