Answer:
$133.96 per month
Step-by-step explanation:
He makes a Downpayment of 10% of $1675=167.5
it means jon and erin have $1507.5 more to pay
a/{[(1+r)^n]-1}/[r(1+r)^n]=p
p=monthly repayment
a=amount of loan payment(1675*10%=167.5, 1675-167.5=1507.5
n=number of months 12
rate=r(12%, 0.12/number of months)
0.12/12=0.01
(1+0.01)^12-1)/(0.01(1+0.01)^12)
0.1268/0.01(1.1268
0.1268/0.01126
11.25
a/11.25=p
1507.5/11.25=
He pays $133.96 per month
Answer:
$133.96/month.
Step-by-step explanation:
Already paid 10% that becomes =$1507.5
a/{[(1+r)^n]-1}/[r(1+r)^n]
Apr=12/100÷(12)
Apr=0.01
(1+0.01)^12-1)/(0.01(1+0.01)^12)
11.25
1507.5/11.25
Has to pay this amount monthly $133.96
