Find the value of b needed to make the
2 answers:
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Answer:
$121
Step-by-step explanation:
A suitable calculator or spreadsheet can tell you the payment amount for the given loan values. The annual interest rate will be 12 times the monthly, rate, or 2.4%. The number of monthly payments in 12 years is 12×12 = 144.
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A calculator shows the monthly payment will be about $121.
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If you want to figure this "by hand," the amortization formula is used.
A = Pr/(1 -(1+r)^-t)
where P is the loan amount, r is the monthly interest rate, and t is the number of months.
A = 15100(0.002)/(1 -(1.002^-144)) ≈ 120.789 ≈ 121
The monthly payment would be $121.
