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sebasp42
31.01.2020 •
Mathematics
Using technology, determine the monthly payment on a 6 year loan of $15,250 at 3.5% compounded monthly. round your answer to the nearest cent.
a. $234.75c. $582.70b. $235.13d. $590.05
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Ответ:
Option 3 or b - The monthly payment is $235.13.
Step-by-step explanation:
Given : A 6 year loan of $15,250 at 3.5% compounded monthly.
To find : Monthly payment ?
Solution :
The formula to find monthly payment is
Discount factor is![D=\frac{1-(1+i)^{-n}}{i}](/tpl/images/0490/4916/f1eb1.png)
Substitute in the formula,
where, A is the amount A=$15250
r is the rate = 3.5%=0.035 compounded monthly
time t=6 years
Time in months![n=t\times 12=6\times 12=72](/tpl/images/0490/4916/f1f6e.png)
Substitute all the values in the formula,
Therefore, The monthly payment is $235.13.
So, Option 3 or b is correct.
Ответ: