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60,000 is borrowed for 10 years. If the interest on the loan is 49,321.74 , find the monthly payment

1 Answer

4 votes

Answer:

911.0145

Explanation:

60,000 is the initial cost to repay and you add 49,321.74 because of interest

60,000+49,321.74= 109321.74 this is the final cost with interest

you divide by ten because there are ten years and you want it to equal 1 year

109321.74/10= 10932.174 this is the cost per year

last you divide by 12 because thats how many months there are per year

10932.174/12= 911.0145 this is the cost per month

User Syed Abidur Rahman
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