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2 answers:
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Answer:
The total payment Janie have to make is $5466 .
Step-by-step explanation:
Given as :
The loan principal = $4850
The rate of interest applied = 13.8% compounded monthly
Let The time period of loan = t years
The monthly payment she make = $455.50 each month
I.e She make payment for t years = $455.50 × n
where n is the number of terms
<u>From Compound Interest</u>
Amount = Principal ×
Or, $455.50 × n = $4850 ×
Or, × n =
Or, 0.0939 × n =
Or, 0.0939 × n = 1.14707
∴ n =
I.e n = 12.21 ≈ 12
So, The number of terms Janie she will pay = 12
So, The total payment she have to make = $455.50 × 12 = $5466
Hence The total payment Janie have to make is $5466 . Answer