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.
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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.
Darrell
4.591 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
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:
5. The final amount to be paid is approximately:
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