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1 answer:
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Answer:
The monthly payment for this loan is $127.80
Step-by-step explanation:
The formula of the monthly payment is
- P is the initial amount of the loan
- r is the rate in decimal
- n is the period of the time
- t is the time of the loan
∵ Mario is taking a $2,900, 2-year loan with an APR of 5.44%
∴ P = 2,900
∴ t = 2
∵ ART means annual percent rate
∴ r = 5.44% = 5.44 ÷ 100 = 0.0544
∴ n = 12
→ Substitute all these values in the formula above
∵ M.P =
→ use your calculator to find the answer
∴ M.P = 127.7992528
→ Round it to the nearest cent ⇒ 2d.p
∴ M.P = 127.80
∴ The monthly payment for this loan is $127.80
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