Okay, I’m having a hard time answering these problems. My math teacher explained it but I still just don’t understand. Can any o
f you out there help me? ASAP.
1 answer:
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Using it's formula, it is found that the monthly payment should be of $688.49 in order to pay off the debt in 15 years.
<h3>What is the monthly payment formula?</h3>It is given by:
In which:
- P is the initial amount.
- r is the interest rate.
- n is the number of payments.
For this problem, the parameters are given as follows:
A = 90000, r = 0.045, n = 15 x 12 = 180.
Hence:
r/12 = 0.045/12 = 0.00375.
Then we solve for A to find the monthly payment, as follows.
A = $688.49
More can be learned about the monthly payment formula at brainly.com/question/22846480
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