Answer:
1 1/15
Step-by-step explanation:
Answer:1 4/5
Step-by-step explanation:
9514 1404 393
Answer:
$3291.60
Step-by-step explanation:
If the loan is amortized in the usual way, the monthly payment is ...
A = P(r/12)/(1 -(1 +r/12)^(-12t)) . . . . . loan of P at rate r for t years
A = $15,000(0.081/12)/(1 -(1 +0.081/12)^(-12·5)) ≈ $304.86
The total of payments is ...
(60 months) × ($304.86/month) = $18,291.60
Then the profit to the bank is ...
$18,291.60 -15,000 = $3,291.60 . . . bank profit
