4 years ago

Enter the fraction in simplest form. 8/14

Mathematics

1 answer:

MrRa [10]4 years ago

3 0

Answer: 4/7

Step-by-step explanation:

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Step-by-step explanation:

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Question 10 (7 points) d Elizabeth borrowed $20,000 for five years at a 5% annual interest rate, what is her monthly payment, to

zhenek [66]

Answer:

monthly payment is $377

C is the correct option.

Step-by-step explanation:

The formula for the monthly payment is given by

$C=\frac{Prt(1+r)^n}{(1+r)^n-1}$

Given that,

P = $20,000

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Substituting these values in the formula

$C=\frac{20000\cdot \frac{0.05}{12}(1+\frac{0.05}{12})^{60}}{(1+\frac{0.05}{12})^{60}-1}$

On simplifying, we get

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Therefore, the monthly payment is $377

C is the correct option.

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