Help me on this math problem please! I’ve been stuck on it for 15 mins now
1 answer:
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Answer:
The monthly payments $193.33.
The total interest for the loan $1,599.8.
Step-by-step explanation:
Given formula:
= (PMT×nt)-P
PMT= Monthly installment
P= Present value
r= Rate of interest
t= Time
n= Number of interest per year.
Here,
P=$10,000, r= 6%=0.06, t= 5 years, n=12
= (PMT×nt)-P
=(193.33×12×5)-10,000
=11,599.8 -10,000
=$1,599.8
The monthly payments $193.33.
The total interest for the loan $1,599.8.