A(x)=2(x+7.4 and b(x) = 3/24 -7
1 answer:
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Answer:
PMT is 389.62
Total interest for the loan is $ 1026.32
Step-by-step explanation:
Given formula of monthly payment,
Where,
P = Present value of the loan,
r = annual rate of interest,
n = number of months in a year,
t = number of years,
Here, P = $13,000, n = 12 months, r = 5% = 0.05, and t = 3 years,
Hence, the monthly payment,
≈ 389.62,
Therefore,
The amount of total interest paid = PMT × nt - P
= 389.62 × 36 - 13000
= 14026.32 - 13000
= $ 1026.32