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Pepsi [2]
3 years ago
9

Eli took out a 20-year loan for $135,000 at 4.8% interest, compounded

Mathematics
1 answer:
Alexxx [7]3 years ago
8 0

Answer:

B. $336.09

Step-by-step explanation:

Monthly payment = $876.09

Interest rate = 4.8%

Convert the annual interest rate to monthly rate = 4.8% / 12

Monthly rate = 0.4% or 0.004

Amount going towards interest payment = 0.004* loan amount

Interest = 0.004 * 135,000

Interest = $540

Therefore, from the monthly payment of $876.09 , $540 goes towards paying interest and the balance is the note reduction;

Note reduction = $876.09 - $540 = $336.09

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3 years ago
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2 years ago
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For the park's ride sign, there are two pieces we need to look at.

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