Question

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 per $100 is $2.24

Answer 1

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