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Drupady [299]
2 years ago
8

Mercedes takes out a loan for

Mathematics
1 answer:
vivado [14]2 years ago
5 0

Answer:

Monthly payment = $50

Step-by-step explanation:

Principal, P = $15000

Rate , R = 4%

T= 48 months = 4years

             Interest = \frac{PRT}{100}

                          = \frac{15000 \times 4 \times 4}{100}

                          = 2400

So, total interest for 4years ( or 48 months)  is $2400

Therefore, monthly payment is

                                             =\frac{2400}{48} = \$ 50

                         

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