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brooke012002
19.02.2020 •
Business
A loan's quirky terms require the first payment to be made at the moment the money is lent. Payments are $60 every month, the monthly interest rate is 0.31%, and the loan is paid off in equal payments over 6 years.
How much money was borrowed?
Answer and round to the nearest cent.
Solved
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Ответ:
borrow amount = $3866.50
Explanation:
given data
Payments = $60 every month
interest rate = 0.31% monthly = 0.0031
time = 6 year = 6 × 12 = 72 months
solution
we get here money borrowed
so amount of loan is express as
borrow amount = Payments ×
...................1
here r is rate and t is time
put here value and we get
borrow amount = $60 ×
borrow amount = $3866.50
Ответ:
I honestly don't know maybe at home?