Answered

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39. If a family borrows $12,381 for an addition to their
home, and the loan is to be paid off in monthly payments
over a period of 5 years, how much should each payment
be? (Interest has been included in the total amount
borrowed.)

Sagot :

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Answer:

206.35

Step-by-step explanation:

5 years = 12x5=60

$12,381 ÷ 60 = $206.35

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If  a family borrows $12,381. The amount of interest that each payment should be is $206.35.

What is interest

First step

Number of months=12 months x5 years

Number of month=60

Second step

Interest=$12,381 ÷ 60

Interest = $206.35

Therefore the amount of interest that each payment should be is $206.35.

Learn more about interest here:https://brainly.com/question/16134508

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