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natka813 [3]
3 years ago
11

Luella took out an unsubsidized student loan of $37,000 at a 4.8% APR,

Mathematics
2 answers:
GuDViN [60]3 years ago
8 0

The correct answer is : $273.92 APEX

Misha Larkins [42]3 years ago
4 0

Answer: $272

Step-by-step explanation:

Her amount due = 37,000(1.004)^273

If her monthly payment is x

She'll pay = x(1.004)^240 + x(1.004)^239 + ....x(1.004)^1 + x

= x[(1.004)^241 - 1]/(1.004-1) =

Her payment = Amount due

so

x[(1.004)^241 - 1]/(1.004-1) = 37000(1.004)^273

404x = 37000(1.004)^273 =  110029

x = 110029/404 = $272

Monthly payment = $272

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