At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.
Sagot :
Given:
The principal amount borrowed, P=$1190.
The annual interest rat, R=10%.
The number of years, N=3.
The interest on the principal amount at add on interest rate R for N years is,
[tex]\begin{gathered} I=\frac{PRT}{100} \\ =\frac{1190\times10\times3}{100} \\ =357 \end{gathered}[/tex]Now, since there are 12 months in year, the number of months in 3 years is,
[tex]N=3\times13=36[/tex]The sum of interest and principal is to be repaid.
Each month we have to make payment. So, the monthly payment is,
[tex]\begin{gathered} A=\frac{P+I}{N} \\ =\frac{1190+357}{36} \\ =\frac{1547}{36} \\ =42.972 \end{gathered}[/tex]Therefore, the monthly payment is $42.97, rounded to the nearest cent.
We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.
