Niki makes the same payment every two months to pay off his $61,600 loan. The loan has an interest rate of 9.84%, compounded eve
2 answers:
Answer:
$39,695.48
Step-by-step explanation:
Here, the present value of the annuity is given.
Here, PV = $61,600
P is the periodic payment.
r = 9.84% or 0.0984
t = number of payments in a year = 6
n = 11 years
=>
=>
= 1534.78
So, Niki is paying $1,534.78 at every two months interval for eleven years.
Hence, total payment made by Niki will be = = $101295.48
So, interest paid = = $39,695.48
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