Question

Use the monthly payment formula to find the monthly payment for a $1,000, one year

Answer 1

Answer:  89,58 $

Step-by-step explanation:

The formula :

$\displaystyle \rm S=A\cdot \left (1+\frac{N}{100} \right )^{\big r}$

where r is years ; N is the percentage by which we increase the price ; A is the original price

In our case :

$\rm r=1 \ \ ; \ \ A=100 \ \ ; \ \ N=7,5\% \\\\ S=1000\cdot \bigg( 1+\dfrac{7,5}{100} \bigg)^1=1000\cdot 1,075=\boxed{1075\ }$

Then the monthly salary is equal to:

$\dfrac{1075}{12} \approx 89,58$