Answer:
Jane's monthly payment on her personal loan for $52,500 at an interest rate of 5.85% for a term of 10 years is $611.49.
Explanation:
To calculate Jane's monthly payment, you can use the following formula:
Monthly Payment = Loan Amount * (Monthly Interest Rate / (1 - (1 + Monthly Interest Rate)^(-Number of Payments)))
In this case, the loan amount is $52,500, the interest rate is 5.85%, and the term is 10 years, or 120 months.
First, you'll need to convert the annual interest rate to a monthly interest rate. To do this, divide the annual interest rate by 12:
Monthly Interest Rate = 5.85% / 12 = 0.00487
Next, you can plug the values into the formula:
Monthly Payment = $52,500 * (0.00487 / (1 - (1 + 0.00487)^(-120)))
This simplifies to:
Monthly Payment = $52,500 * (0.00487 / (1 - (1.00487)^(-120)))
Calculating this further, you get:
Monthly Payment = $611.49
So, Jane's monthly payment on her personal loan for $52,500 at an interest rate of 5.85% for a term of 10 years is $611.49.