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Maricela was recently approved for an $18,000 loan for 5 years at an interest rate of 6.2%. Use the monthly payment formula to complete the


statement


M= (1 + 5* - 1


M= monthly payment


P= principal


r=interest rate


= number of years


Maricela's monthly payment for the loan iss

Respuesta :

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Answer:

top is wrong my teacher told me the answer its

349.67

Maricela's monthly payment for the loan using the monthly payment formula is; $349.67

What is the monthly payment?

We are given;

Principal; P = $18000

Interest Rate; r = 6.2% = 0.062

Number of years; t = 5 years

The formula to find the monthly payment is;

M = P[(r/n) * (1 + (r/n))^(nt)]/[((1 + (r/n))^(nt)) - 1]

Plugging in the relevant values gives;

M = 18000[(0.062/12) * (1 + (0.062/12))^(12 * 5)]/[((1 + (0.062/12))^(12 * 5)) - 1]

Solving this with a calculator gives us;

M = $349.67

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