What is 105 to 150 simplified as a ratio
1 answer:
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The monthly payment is $ 1892.392
<em><u>Solution:</u></em>
<em><u>The formula for compound interest, including principal sum, is:</u></em>
Where,
A = the future value of the investment
P = the principal investment amount
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per unit t
t = the time the money is invested or borrowed for
From given,
p = 12500
t = 5 years
n = 12 ( compounded mothly )
<em><u>Substituting the values we get,</u></em>
<em><u>What will her monthly payment be?</u></em>
Thus monthly payment is $ 1892.392