1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
White raven [17]
3 years ago
9

You wish to borrow $8000 for debt consolidation. The bank's interest rate for a personal loan is 7.2%. What is your monthly paym

ent if you want to pay off the loan in 3 years?
Mathematics
1 answer:
Lisa [10]3 years ago
3 0
<h3>The monthly payment  is $242.44 for loan to paid off in 3 years.</h3>

Step-by-step explanation:

The amount borrowed = Principal = $8000

The rate of interest = 7.2%

Time (T)  = 3 years

Now, Simple Interest = \frac{P\times R \times T}{100}

\implies SI  = \frac{8000 \times 7.2  \times 3}{100}  = 1,728

So, the total interest = $1728

Now, <u>Amount to be paid  = Principal + Interest</u>

⇒ A = $8000 + $1728  = $8728

Also, 1 year = 12 months

⇒  3 years  = 3 x 12 months  = 36 months

So, total amount to be paid in 36 months is $8728.

⇒The  amount to be paid in 1 month is (\frac{8728}{36} )  = 242.44

Hence, the monthly payment  is $242.44 if loan is to paid off in 3 years.

You might be interested in
Which diagram can be used to prove AABC – ADEC using similarity transformations?
Georgia [21]
The last one .........
8 0
3 years ago
PLEASE HELP!! I can't figure this out
9966 [12]

Answer:

how do i use this site im new

Step-by-step explanation:

8 0
3 years ago
Read 2 more answers
5 minutes and 52 seconds rounded to the nearest minute
kirill [66]

Answer: 6 minutes

Step-by-step explanation: the 52 seconds rounds up to a full minute so it is 5.52 rounded up to 6 minutes

5 0
3 years ago
Read 2 more answers
The question says~<br><br>Find the number that makes the ratio equivalent to 1:4....<br><br>4: ?​
Anarel [89]

Answer:

ikd

Step-by-step explanation:

k

8 0
3 years ago
Read 2 more answers
Factor out the coefficient of the variable 1/2d+6
Dahasolnce [82]
1/2d+6=1/2(d+12)
Leaving us with 0.5 or 1/2
4 0
3 years ago
Other questions:
  • In scientific notation
    14·1 answer
  • For which x is f(x)?=_3<br> -7<br> -4<br> 4<br> 5
    7·1 answer
  • Use the distributive property to simplify the expression.<br><br> –7(8x – 3) + x
    10·2 answers
  • Andrea bought 8 pizzas her friends ate 4 3/4 what fraction of the pizzas are left?
    5·1 answer
  • Please solve each quotient
    8·1 answer
  • The math club is electing new officers. There are 3 candidates for president, 4 candidates for vice-president, 4 candidates for
    8·1 answer
  • The coordinates of a point satisfy the equation of a line if the point is on the line
    13·1 answer
  • You roll a six-sided die. Find the probabilities of rolling a 3? Rolling a 7? Rolling a 3 or 4?
    11·1 answer
  • Im give 15 points if you know this phm
    5·1 answer
  • I HATE MYMATHS HELP ME PLSSSS
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!