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I need to know how much will my monthly payment be?

I need to know how much will my monthly payment be?-example-1
User Rostamiani
by
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1 Answer

1 vote

Given:

Loan = P = $48,000

Simple interest rate = r = 2% = 0.02

Time = t = 9 years

So,

The interest = I =


I=P\cdot r\cdot t=48000\cdot0.02\cdot9=8640

Total amount =


48000+8640=56640

To find the monthly payments, we will divide the total amount over the number of months of the nine years

so,

The monthly payments =


(56640)/(9\cdot12)=524.44

User Martin Nielsen
by
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