a bank charges a simple interest of 3.5% on a loan of $5000 to be paid back over a period of 3 years. How much will the borrower pay in total after three years of paying the required amount?
1 answer:
Answer: The monthly payments for a $5,000 loan would $146.51.
Step-by-step explanation: How it looks in the TVM Solver formula:
N = 36 ( 3 (years) x 12 (monthly payments) )
I% = 3.5%
PV = $5,000
PMT = 146.51 (or 146.08 if you choose BEGIN)
FV = 0
P/Y = 12 (months)
C/Y = (12 (months)
PMT: <u>END </u> | BEGIN
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