Answer:
$106
Step-by-step explanation:
The formula given for Monthly payment of a loan =
P × [ r (1 + r)/(1 + r)^n - 1
Where
r = interest rate
n = number of monthly payments
P = Present value of the loan
From the question,
r = interest rate, we were told to ignore hence, r = 0
P = $3,175
n = 30
Hence,
Amount to be paid monthly = P/n
= $3175/30
= $105.83
Approximately to the nearest dollars
= $106
Answer:
n = 5.4
Step-by-step explanation:
Equation: 4n = 21.6
To solve this equation for n, divide both sides by 4 to get n by itself.
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<u>Step 1: Divide both sides by 4</u>
4 * n / 4 = 21.6 / 4
n = 5.4
Answer: n = 5.4
Answer:
12.81%
Step-by-step explanation:
2600-5500=20500
20500/16=1281.25
1281.25/100= 12.8125
rounded 12.81%