Mathematics: Calculate the monthly payment needed to pay off a $175,000 loan at 3.25% yearly interest over a 30 year period. Use the formula below. Round your answer to the nearest dollar. Be sure to show all of your work.

Calculate the monthly payment needed to pay off

Hailey1313131313

14.02.2022

The value is $E = \$ 1310.8$

Step-by-step explanation:

From the question we are told that

The principle is $P = \$ 175,000$

The rate is R = 0.0325

The period is $t = 30 \ years$

Generally the formula to calculate the is mathematically represented as

$E = P * R * [\frac{(1 - R)^n}{ (1 + R)^n - 1} ]$

=> $E = 175000 * 0.0325 * [\frac{(1 - 0.0325 )^{30}}{ (1 + 0.0325)^{30} - 1} ]$

=> $E = \$ 1310.8$

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SKYBLUE1015

06.08.2021

The answer is 1/12(one twelfth)

One third divided by 4:
1 /4
3 / 1
=one third times one fourth
1 1
3 * 4
=one twelfth
1
12

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