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3 years ago

A bank requires a monthly payment of $32.88 on a $2500 loan. At the same rate find the monthly payment on a $50,000 loan

Mathematics

1 answer:

Bingel [31]3 years ago

6 0

$ 657.6

Step-by-step explanation:

Step 1:

Given,

Principal = $2500

Monthly payment = $32.88

Step 2 :

The amount of monthly payment and the principal amount are in direct proportion , that is when the principal amount increases the monthly payment increases and when the principal decreases the monthly payment decreases.

Step 3 :

The monthly payment for $2500 is $32.88

Therefore for a principal of $50000, the amount of monthly payment is

32.88 *50000/2500 = $657.6

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