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Patrick will borrow $4300 at 11.5% APR. He will pay it back over 5 years.

What will his monthly payment be? (Use the table.)


$94.56


$96.79


$123.21


$141.81

Patrick will borrow $4300 at 11.5% APR. He will pay it back over 5 years. What will-example-1
User Fuesika
by
5.5k points

2 Answers

0 votes

Answer:

Explanation:

Equal installments can be found by

I=P((r-1)/(r^n-1)+(r-1)) (note monthly rate is r/12, r is about 1.00958)

I=4300((1.00958-1)/(1.00958^60-1)+0.00958)

I=$94.56

User Anton Semenov
by
5.6k points
3 votes

Answer:

94.56

Explanation:

because 94,56 x 11.5 x 5 =4300

User Reinder Wit
by
5.4k points