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meriva
2 years ago
13

Jane takes out a loan for $100,000.00 over 10 years

Mathematics
1 answer:
Aneli [31]2 years ago
5 0
<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:

100,000 * 1.08^{10}

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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