Suppose that $3000is borrowed at an interest rate of 4 %. (a) Estimate the monthly payment on the loan.

18. Suppose that $3000  is borrowed at an interest rate of 4 % .

(a)  Estimate the monthly payment on the loan.

(b)  If the interest rate increases to 7% , estimate how much less would need to be borrowed so as not to increase the monthly payment.