60,000 is borrowed for 10 years. If the interest on the loan is 49,321.74 , find the monthly payment

Mathematics

1 answer:

satela [25.4K]3 years ago

5 0

Answer:

911.0145

Step-by-step explanation:

60,000 is the initial cost to repay and you add 49,321.74 because of interest

60,000+49,321.74= 109321.74 this is the final cost with interest

you divide by ten because there are ten years and you want it to equal 1 year

109321.74/10= 10932.174 this is the cost per year

last you divide by 12 because thats how many months there are per year

10932.174/12= 911.0145 this is the cost per month

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