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natta225 [31]
3 years ago
13

Myrtle took out a 3-year loan for 2050$ at a computer retailer to be paid back with monthly payments at 12% apr compounded month

ly. If the loan offers no payments for the first 5 months about how much in total will myrtle pay in interest for the loan?
Mathematics
2 answers:
lubasha [3.4K]3 years ago
5 0

Answer:

466.27$ APEX

Step-by-step explanation:

Rainbow [258]3 years ago
3 0

Answer:

We have ; p = 2050

r = 12/12/100=0.01

n = 3\times12=36

But we will take 36-5=31

EMI formula is :

\frac{p\times r\times(1+r)^{n}}{(1+r)^{n}-1}

Substituting values in the formula we get;

\frac{2050\times0.01\times(1+0.01)^{31}}{(1+0.01)^{31}-1}

= \frac{2050\times0.01\times(1.01)^{31}}{(1.01)^{31}-1}

= $77.24

Now for further working you can see the sheet attached.

Total interest paid for the loan = $446.76

Download xlsx
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