Answer:
<h2>-
56,667cents</h2><h2>
- 6.17%</h2>
Step-by-step explanation:
Before we can determine the monthly loan paymnet, we must first calculate the total amount paid at the end of 6years.
Amount = Principal + Interest
Given Principal = $30,000
Interest = Principal * rate * time/100
Interest = $30,000*6*6/100
Interest = $10,800
Amount = $30,000+ $10,800
Amount = $40,800
If amount paid after 6years is $40,800, my monthly loan payment = $40,800/72 ≈ $566.67 to nearest dollar.
since $1 - 100cents
$566.67 = 100 * 566.67
$567 = 56,667cents
Monthly loan payment to nearest cent will be 56,667cents
EFF = (1 + r /n)^n - 1
r is the rate and n is the number of period per year which is 12months
%EFF = EAR = (1 + 0.06 /12)^ 12 - 1
%EFF = 1.005^12
%EFF = 1.061678 - 1
%EFF = 0.061678
%EFF = 6.17% to 2dp
