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.
110
likes550 views
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
4.5100 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:
Frequently asked questions (FAQs)
Find the equation of a hyperbola with vertices at (-3,0) and (3,0), and foci at (-5,0) and (5,0).
+
What is the equation of an ellipse with center (h,k), semi-major axis length a, and semi-minor axis length b?
+
What is the angle in radians formed by 2π/3?
+
New questions in Mathematics