Mathematics: Heidi took out a 30 year loan for $90000 at 8.3% interest, compounded monthly. what is her monthly payment?

NoBc 16:4 Have nth to do with the number 64:60 it s not closer to...

Heidi took out a 30 year loan for $90000 at 8.3% - id309000083268423, lillianfrederi

Ответ:

breanastone15

10.03.2022

Mathematics

$679.31

Step-by-step explanation:

The formula for the monthly payment (P) on a loan of A dollars that is paid back in equal monthly payments over n months, at an annual interest rate of i % is

$P = A(\frac{i}{1-(1+i)^{-n}})$

We must express the interest rate on a monthly basis.

i = 8.3 %/yr = 0.6917 %/mo = 0.006 917

A = $90 000

n = 360 mo

$P = 90 000(\frac{0.006 917}{1-(1+0.006 917)^{-360}})$

$P = \frac{622.5}{1-1.006 917^{-360}}$

$P = \frac{622.5}{1 - 0.083 62}$

$P = \frac{622.5}{0.9164}$

P = $679.31

Heidi’s monthly payment is $679.31.

0,0(0 оценок)

Heidi took out a 30 year loan for $90000 at 8.3% interest, compounded monthly. what is her monthly payment?

Ответ:

Ответ:

Ask your question to the AI advisor

More tips

Answers on questions: Mathematics

Ask an AI advisor a question