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Suzanne Brett wants to borrow $55,000 from the bank. The interest rate is 6.5% and the term is for 5 years. What is the monthly payment amount? $2,343.00 $5,857.50 $1214.58 $11,715
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Suzanne Brett wants to borrow $55,000 from the bank. The interest rate is 6.5% and the term is for 5 years.

What is the monthly payment amount?

$2,343.00
$5,857.50

$1214.58

$11,715

User Torquestomp
by
5.1k points

1 Answer

9 votes

Answer: $14575

$55000

6.5%

5 years

Total Payment Amount: $72875

Yearly payment :$72875/5= $14575

User Grimtron
by
5.5k points
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