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harkovskaia [24]
3 years ago
6

Brady took out a loan for $2800 at an 18% APR, compounded monthly, to buy a computer. If he will make monthly payments of $201.5

0 to pay off the loan, how many total payments will he have to make?
Mathematics
2 answers:
Mamont248 [21]3 years ago
5 0

Answer:

<em>Brady will have to make approximately 16 payments.</em>

Step-by-step explanation:

<u>Monthly Payment formula is</u>:   M= P[\frac{r}{1-(1+r)^-^n}]

where,  M= Monthly payment,  P= Loan amount,  r= Annual interest rate and n= total number of periods.

Here,   M= 201.50, P= 2800

r= 18\% yearly = (\frac{0.18}{12}) monthly = 0.015

<em>Plugging these values into the above formula.....</em>

201.50=2800[\frac{0.015}{1-(1+0.015)^-^n}]\\ \\ 201.50=\frac{42}{1-(1.015)^-^n}\\ \\ 1-(1.015)^-^n=\frac{42}{201.50}\\ \\ 1-(1.015)^-^n=0.208\\ \\ (1.015)^-^n =1-0.208\\ \\ (1.015)^-^n=0.792\\ \\ log(1.015)^-^n=log(0.792)\\ \\ -n*log(1.015)=log(0.792)\\ \\ -n=\frac{log(0.792)}{log(1.015)}=-15.66\\ \\ n=15.66 \approx 16

So, he will have to make approximately 16 payments.

Aliun [14]3 years ago
4 0
The answer here is 16 according to apex and my brain
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