It is given in the question that
A farmer owns about 960 acres of land. If his farm is square.
First we convert acres to miles square, and the conversion expression is
Therefore,
Let the side length of the square be x miles .
And the formula of area of square is
Answer:
The monthly payment for the loan amount for 20 years is $806.167
Step-by-step explanation:
The principal loan amount= $ 50,000
The rate of interest = 7 %
the time period of loan = 20 years = 20 × 12 = 240 months
let the amount after 20 years = $ A
<u>From Compounded method</u>
Amount = Principal ×
or, A = 50,000 ×
or, A = 50,000 ×
Or, A = 50,000 × 3.8696
∴ Amount = $ 193,480
So, The amount after 20 years = $ 193,480
The monthly payment amount = $ = $ 806.167
Hence The monthly payment for the loan amount for 20 years is $806.167 Answer