Question

The formula m = 12,000 + 12,000rt 12t  gives Keri's monthly loan payment, where r is the annual interest rate and t is the length of the loan, in years. What is Keri's monthly loan payment if she gets a 5% loan for 4 years? $ per month

Answer 1

Answer:

Keri's monthly loan payment if she gets a 5% loan for 4 years is $300

Step-by-step explanation:

Given :  $m = \frac{12,000 + 12,000rt}{12t}$

             r = 5%= 0.05

             t = 4 years

Solution :

Since m denotes the monthly loan payment

And we are required to find Keri's monthly loan payment if she gets a 5% loan for 4 years

$m = \frac{12,000 + 12,000*0.05*4}{12*4}$

$m = \frac{12,000 + 2400}{48}$

$m = \frac{14400}{48}$

$m = 300$

Hence Keri's monthly loan payment if she gets a 5% loan for 4 years is $300

Answer 2

The answer of per month for 4 years is 300.
The answer of per month for 5 years is 50 less per month