Respuesta :
Answer:
His monthly payment will be [tex]\$242.875[/tex].
Step-by-step explanation:
Given that,
Amount borrowed by Nick is [tex]\$8700[/tex].
Rate of interest per Annum is [tex]13.5\%[/tex].
Time taken by Nick to Pay it back is [tex]5\ years[/tex].
To find:- What will his monthly payment be ?
So, [tex]Principle=\$8700[/tex], [tex]R=13.5\%[/tex] & [tex]Time=5\ years[/tex]
[tex]S.I=\frac{P\times R\times T}{100}[/tex]
[tex]S.I=\frac{8700\times 13.5\times 5}{100} = \frac{587250}{100}[/tex]
[tex]S.I=5872.5[/tex]
Here, Amount to be paid after [tex]5\ years[/tex] will be,
[tex]A=P+I[/tex]
[tex]A=8700+5872.5[/tex]
[tex]Amount=\$14572.5[/tex]
Then,
Amount should be paid in a month for next [tex]5\ years[/tex] would be [tex]\frac{14572.5}{60} =\$242.875[/tex].
{[tex]5\ years = 60\ months[/tex]} Therefore,
His monthly payment will be [tex]\$242.875[/tex]
