Respuesta :
As per the given data, loan amount is $35,000 with 2% simple interest for the time period of 8 years then monthly payment is equal to
$422.92.
As given in the question,
Loan amount taken from the bank is equal to $35,000
Simple interest rate is 2%
Time period = 8 years
Total interest paid is equal to
= Loan amount × Interest rate × time period
= 35,000 × 2% × 8
= (35,000 × 2 × 8) / 100
= $5600
Total amount to be paid
= Loan amount + Interest amount
= $35,000 + $ 5,600
= $ 40,600
Monthly payment done based on given interest and time period
= $40,600 / ( 8 × 12 )
= $ 40,600 / 96
= $ 422.92
Therefore, for the given data, loan amount is $35,000 with 2% simple interest for the time period of 8 years then monthly payment is equal to $ 422.92.
The complete question is:
Attending the university of Houston main campus ,the bank agrees to give you a loan of $35,000 with 2% simple interest over 8 years. How much will your monthly payments be?
Learn more about simple interest here
brainly.com/question/25845758
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