Solve x12+13=−53. The solution is x= (this is for 7th grade)
1 answer:
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Answer:
$259 532
Step-by-step explanation:
Step 1. Calculate the monthly payments on a 30-year loan.
The formula for the monthly payment (P) on a loan of A dollars that is paid back in equal monthly payments over n months, at an annual interest rate
of r % is
<em>Data: </em>
We must express the interest rate on a monthly basis.
i = 6.55 %/yr = 0.545 83 %/mo = 0.005 4583
A = $425 500
n = 360 mo
<em>Calculation: </em>
P = $2703.46
B. Total Payment (T) after 8 years
T = nP
T = 96 × 2703.46
T = $259 532
Michael will have paid $259 532 at the end of eight years.