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kobusy [5.1K]
2 years ago
15

Michelle borrowed $10,125 at 12.5 percent for 10 years. What is her monthly payment

Mathematics
2 answers:
mezya [45]2 years ago
8 0

Answer:

Michelle's monthly payment will be $148.21.

Step-by-step explanation:

The EMI formula is =

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

Here,

p = $10125

r = 12.5/12/100=0.010417

n = 10\times12=120

Putting all these values in the formula we get,

\frac{10125\times0.010417\times(1+0.010417)^{120} }{(1+0.010417)^{120}-1}

=>\frac{10125\times0.010417\times(1.010417)^{120} }{(1.010417)^{120}-1}

=$148.21

So, Michelle's monthly payment will be $148.21.

mash [69]2 years ago
7 0

Answer:

$148.21

Step-by-step explanation:

A suitable financial calculator, web site, or spreadsheet can figure this for you. Or you can use the formula given in your reference material (text or web site).

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