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By requesting a consumer loan for an amount of $8,760,000, for a term of 40 quarters, with a compound interest rate of 2% per month. Determine the final amount I will pay.

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Answer to a math question By requesting a consumer loan for an amount of $8,760,000, for a term of 40 quarters, with a compound interest rate of 2% per month. Determine the final amount I will pay.

Expert avatar
Darrell
4.5
100 Answers
1. Identify the initial loan amount \(P = 8,760,000\).

2. Determine the monthly rate: \(r = 0.02\).

3. Calculate the total number of compounding periods: \(n = 40 \times 3 = 120\).

4. Use the compound interest formula:

A = P(1 + r)^n = 8,760,000(1 + 0.02)^{120}

5. The final amount to be paid is approximately:

94,302,828.18

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