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Nadya [2.5K]
3 years ago
15

what is the monthly payment for a loan if the amount to finance is 12385, the apr is 6.9% for 5 years and the monthly payment pe

r $100 is $2.24
Mathematics
1 answer:
ryzh [129]3 years ago
6 0

Answer:

The Monthly payment of $ 12385 is 277.424

Step-by-step explanation:

Given :  Amount to finance is $ 12385

Also ,  the monthly payment per $100 is $2.24

We have to determine  the monthly payment for a loan if the amount to finance is $ 12385.

UNITARY METHOD is a method in which we first the value of a unit and then multiply it with desired value.

Using unitary method,

Here, given the monthly payment per $100 is $2.24

Monthly payment of $ 1 = \frac{2.24}{100}

Thus, the Monthly payment of $ 12385 = \frac{2.24}{100}\times 12385

Simplify, we have,

\frac{2.24}{100}\times 12385=277.424

Thus, The Monthly payment of $ 12385 is 277.424

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