Question

Victoria will borrow $31,652 at 15.5% APR. She will pay it back over 6 years. Whatwill her monthly payments be? (Use the table) Round to the nearest whole dollar.

Answer 1

Given:

Principal =$31652.

Rate of interest = 15.5 %.

Time = 6 years.

We get the monthly payment per $100 is 2.141 for the interest 15.5 % and 6 years from the table.

The monthly payment of $31652 is

$=\frac{31652}{100}\times2.141$

$=677.669$

Round off to the nears dollar.

$=\text{ \ 678}$

The monthly payment of $31652 is $ 678.