The monthly payment of Angelica on the loan after she graduates in 4 years is $97.22.
<h3>How do we calculate the monthly payment of a loan?</h3>
Firstly, we calculate the future value (FV) of the loan in 4 years as follows:
FV in 4 years = Loan amount * (1 + Interest rate)^4 = $16,000 * (1 + 0.056)^4 = $19,896.45
Secondly, the monthly payment is calculated using the formula for calculating the future value of an ordinary annuity as follows:
M = FV in 4 years / ((((1 + r)^n) – 1) / r) ....................... (1)
Where:
M = Monthly payment = ?
r = monthly interest rate = 0.056 / 12 = 0.00466666666666667
n = number of months = 12 years * 12 months = 144
Substituting all the relevant values into equation (1), we have:
M = $19,896.45 / ((((1 + 0.00466666666666667)^144) – 1) / 0.00466666666666667)
M = $97.22
Learn more about future value here: brainly.com/question/2472793.
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Answer:
Is there any numbers or picture along with this?
A-5 I think it’s true becuase I had the same question and got it correct
Answer:
wer here. Link below!
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bit.
Step-by-step explanation:
Answer:
10
Step by step explanation:
In general, if we have an equation that has just one variable, such as x, then "solving the equation" means finding the set of all values that can be substituted for the one variable to produce a valid equation.
Isolate "x" on one side of the algebraic equation by adding the negative number that appears on the same side of the equation as the "x." For example, in the equation "x - 5 = 12", rewrite the equation as "x = 12 + 5" and solve for "x."
x + (-6) + (-8) = -4
x + (-6 + -8) = -4
x + (-14) = -4
x + (-14 + 14) = -4 + 14
x = 10
