Respuesta :
Answer:
B. $363.57%
Step-by-step explanation:
M = P [i(1+i)^n/ 1-(1+i)^n]
M = Your monthly repayment, the figure you’re trying to solve for.
P =The principal on the loan, or original amount you borrowed. (22000)
i = Your effective monthly interest rate. Remember, the rate is APR, so you’ll need to divide by 12 to get your monthly interest rate. (5.9%/12 = 0.00492)
n = The total number of repayments on the loan (72).
M = 22000* [(0.00492(1+0.00492)^72)/(1-(1+0.00492)^72)]
M = 22000 *[0.00705/0.42385]
M = 22000* 0.016527 = 363.57
M = $363.57 Approx
Answer:
B. $363.57
Step-by-step explanation:
Monthly Repayment = {PXr(1+r)ⁿ}/{(1+r)ⁿ-1}
Where P=Principal
n= number if repayments in months
r= monthly rate
To determine the monthly rate, Divide the rate by 12
Rate= 5.9%= 0.059
Monthly Interest Rate=0.059/12
= 0.00492
n=6 years X 12 Months
Principal=$22000
Monthly Repayment
= {PXr(1+r)ⁿ}÷ {(1+r)ⁿ-1}
= {22000X(0.059/12)X(1+0.059/12)⁷²} ÷ {(1+0.059/12)⁷²-1}
={108.24(1.00492)⁷²} ÷ {(1.00492)⁷²-1}
=363.5659341655674
Monthly Payment= $363.57
