3 years ago

Patrick will borrow $4300 at 11.5% APR. He will pay it back over 5 years.

Mathematics

2 answers:

IRINA_888 [86]3 years ago

8 0

Answer:

94.56

Step-by-step explanation:

because 94,56 x 11.5 x 5 =4300

SIZIF [17.4K]3 years ago

8 0

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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