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Rodrigo applied for a [tex]$14,000 loan at an interest rate of $[/tex]5.4\%[tex]$ for 5 years. Use the monthly payment formula to complete the statement.

\[ M=\frac{P r (1+r)^t}{(1+r)^t - 1} \]

where

\[ M = \text{monthly payment} \]
\[ P = \text{principal} \]
\[ r = \text{interest rate} \]
\[ t = \text{number of years} \]

Rodrigo's monthly payment for the loan is $[/tex]\square[tex]$, and the total finance charge for the loan is $[/tex]\square$.

Sagot :

GinnyAnswer
Rodrigo applied for a [tex]$514,000 loan at an interest rate of $[/tex]5.4\%[tex]$ for 5 years. Using the monthly payment formula to complete the statement: The monthly payment for the loan is $[/tex]9,794.29, and the total finance charge for the loan is $73,657.42.
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