Patrick will borrow $4300 at 11.5% APR. He will pay it back over 5 years.
2 answers:
Answer:
94.56
Step-by-step explanation:
because 94,56 x 11.5 x 5 =4300
Answer:
Step-by-step explanation:
Equal installments can be found by
I=P((r-1)/(r^n-1)+(r-1)) (note monthly rate is r/12, r is about 1.00958)
I=4300((1.00958-1)/(1.00958^60-1)+0.00958)
I=$94.56
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