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german
3 years ago
7

Suppose you want to get a loan for $ 5 , 000 at an interest rate of 5.3 % for 2 years to be paid back in 24 monthly installments

. Calculate this loan using simple interest. What is the amount of the monthly payments? Round the answer to the nearest cent (hundredth).
Mathematics
1 answer:
swat323 years ago
4 0

Answer:

monthly payment =  $56.445

Step-by-step explanation:

given data

loan = $5000

interest rate r = 5.3 % = 0.053

time  t = 2 year = 24 months

solution

we will use here amount of the monthly payments formula that is

monthly payment = principal × \frac{r}{1+(1-r)^{-t}}      ................1

put here value and we get

monthly payment = 5000 × \frac{0.053}{1+(1-0.053)^{-24}}\\

monthly payment =  $56.445

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2 years ago
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