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3 years ago

Blake took out a 20-year loan for $195,000 at 2.4% interest, compounded

Mathematics

2 answers:

Leviafan [203]3 years ago

8 0

Answer:

Step-by-step explanation:

apex

jeka57 [31]3 years ago

6 0

Answer: C. $633.84

Step-by-step explanation:

The formula to solve this problem is shown below

monthly payment on the loan is $1023.84

i = 2.4% interest

= loan * interest period - monthly payment on the loan

= $195,000 *(2.4/100 /120) - $1023.84 = $195,000*(0.024/12) - $1023.84

= $633.84

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