Jane takes out a loan for $100,000.00 over 10 years
1 answer:
<h2>Answer:</h2>
$1799.10
<h2>Step-by-step explanation:</h2>Each year, the amount of money in the account is increased by 8%. This is the same as multiplying by 1.08 each year.
For 10 years, you multiply the original $100,000 by 1.08 a total of 10 times.
This tends to be simplified to:
This gives $215892.4997.
This is paid back over 10 years, which is 10 x 12 months, or 120 months.
Divide the $215892.4997 by 120 to get the monthly payment of:
$1799.10 (round to 2 decimal places as it is a currency)
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