Question

Mercedes takes out a loan for

Answer 1

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

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