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Serggg [28]
3 years ago
11

Question 9 (7 points) Adam borrows $6000 for two years at an 8% annual interest rate, what is his monthly payment? A. $250 D. $5

22 B. $271 C.$290 E. None of these
Mathematics
1 answer:
Oksana_A [137]3 years ago
6 0

Answer:

B. $271

Step-by-step explanation:

Given,

Present value of the loan, PV = $ 6000,

Annual rate of interest = 8 % = 0.08,

So, the monthly rate of interest, r = \frac{0.08}{12},

Also, time = 2 years,

So, the total number of months, n = 24,

Hence, the monthly payment would be,

A=\frac{PV(r)}{1-(1+r)^{-n}}

=\frac{6000(\frac{0.08}{12})}{1-(1+\frac{0.08}{12})^{-24}}

=\$271.363748737

\approx \$271

Option B is correct.

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