Suzie needs to borrow $6,000 from a local bank. What is the monthly payment for a one year, 11.25% loan?

Mathematics

1 answer:

zhannawk [14.2K]3 years ago

6 0

Given :

Suzie needs to borrow $6,000 from a local bank.

Interest rate, r = 11.25%.

To Find :

The monthly payment of Suzie for one year to pay of the loan.

Solution :

Total amount to return is :

$A = 6000 + \dfrac{6000\times 11.25}{100}\\\\A =\$6675$

Let, monthly payment is x.

So,

$x =\$ \dfrac{6675}{12}\\\\x = \$556.25$

Therefore, the monthly payment for loan is $556.25 .

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