contestada

Mercedes takes out a loan for
$
15
,
000
at a simple interest rate of
4
%
to be paid back in
48
monthly installments.

What is the amount of the monthly payments?

Respuesta :

sreedevi102

Answer:

Monthly payment = $50

Step-by-step explanation:

Principal, P = $15000

Rate , R = 4%

T= 48 months = 4years

             [tex]Interest = \frac{PRT}{100}[/tex]

                          [tex]= \frac{15000 \times 4 \times 4}{100}[/tex]

                          [tex]= 2400[/tex]

So, total interest for 4years ( or 48 months)  is $2400

Therefore, monthly payment is

                                             [tex]=\frac{2400}{48} = \$ 50[/tex]

                         

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