Answer:
Step-by-step explanation:
87*
the answer will be 1255.725
The answer is 1.80 because
0.25 times 3.00 is 0.75
minus 0.75 to 3.00 and it will be 2.25
0.20 times 2.25 will be 0.45
minus 0.45 to 2.25
and u will get 1.80
Number of compounding periods is
n=12months×3years=36
I assume that
The total interest=
monthly payment×number of compounding periods - the amount of the present value of an annuity ordinary
I=x×n-pv
Let monthly payment be X
I =Total interest is 1505.82
The present value of an annuity ordinary is
Pv=X [(1-(1+0.09/12)^(-36))÷(0.09/12)]
now plug those in the formula of the total interest above
I=x×n-pv
1505.72=36X-X [(1-(1+0.09/12)^(-36))÷(0.09/12)]
Solve for X using Google calculator to get the monthly payment which is
X=330.72
Check your answer using the interest formula
36×330.72−330.72×((1−(1+0.09
÷12)^(−12×3))÷(0.09÷12))
=1,505.83