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Marta_Voda [28]
3 years ago
15

How long will it take to pay off a loan of ​$51000 at an annual rate of 12 percent compounded monthly if you make monthly paymen

ts of ​$650​? Use five decimal places for the monthly percentage rate in your calculations.
Mathematics
1 answer:
liraira [26]3 years ago
3 0

Answer:

Given,

The present value of the loan, P.V. = $ 51,000,

Annual rate of interest = 12 %,

So, the rate per month, r = \frac{12}{12} = 1 % = 0.01,

Also, the monthly payment, P = $ 650,

Let n be the number of months,

Since, monthly payment of a loan is,

P=\frac{P.V. (r)}{1-(1+r)^{-n}}

650=\frac{51000(0.01)}{1-(1+0.01)^{-n}}}

By graphing calculator,

n=154.299447759\approx 154.29944

Hence, it will take approximately 154 months to pay off the loan.

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