Question

what is the monthly payment for a loan if the amount to finance is 12385, the apr is 6.9% for 5 years and the monthly payment per $100 is $2.24

Answer 1

The Monthly payment of $ 12385 is 277.424

Explanation:

Given : Amount to finance is $ 12385

Also , the monthly payment per $100 is $2.24

We have to determine the monthly payment for a loan if the amount to finance is $ 12385.

UNITARY METHOD is a method in which we first the value of a unit and then multiply it with desired value.

Using unitary method,

Here, given the monthly payment per $100 is $2.24

Monthly payment of $ 1 =
`(2.24)/(100)`

Thus, the Monthly payment of $ 12385 =
`(2.24)/(100)* 12385`

Simplify, we have,

`(2.24)/(100)* 12385=277.424`

Thus, The Monthly payment of $ 12385 is 277.424