Respuesta :
Given:
P = $8000, the principal
r = 5.99% = 0.0599, the interest rate
t = 60 months = 5 years, the duration
Assume n = 12, monthly compounding.
n*t = 12*5 = 60
r/n = 0.0599/12 = 0.004992
The total value of the loan is
A = P(1 + r/n)⁶⁰
= 8000(1.004992)⁶⁰
= 10785.434
Monthly payment = 10785.434/60 = $179.76
Answer: $179.46
P = $8000, the principal
r = 5.99% = 0.0599, the interest rate
t = 60 months = 5 years, the duration
Assume n = 12, monthly compounding.
n*t = 12*5 = 60
r/n = 0.0599/12 = 0.004992
The total value of the loan is
A = P(1 + r/n)⁶⁰
= 8000(1.004992)⁶⁰
= 10785.434
Monthly payment = 10785.434/60 = $179.76
Answer: $179.46
Answer:
The monthly payment is $ 154.29
Step-by-step explanation:
Given : time period = 60 months
Annual interest rate = 5.99%
Amount to be borrowed = $8000
We have to calculate the monthly payment.
We know ,
[tex]P=\dfrac{A\cdot \frac{i}{12}}{1-(1+\frac{i}{12})^{-n}}[/tex]
We have,
interest rate = 5.99% = 0.0599
Amount = $8000
time period = 60 months
P is monthly payment.
[tex]P=\dfrac{8000\left(\frac{0.059}{12}\right)}{1-\left(1+\frac{0.059}{12}\right)^{\left(-60\right)}}[/tex]
Simplify, we get,
P = 154.29
Thus, the monthly payment is $ 154.29
