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Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 7% and the term is for 5 years. What is the monthly payment amount? $2,100 $535 $420 $6,420
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Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 7% and the term is for 5 years.

What is the monthly payment amount?

$2,100

$535

$420

$6,420

User FarligOpptreden
by
5.7k points

2 Answers

5 votes

Answer:

$21,000

Step-by-step explanation:

User Ayman Hussein
by
5.6k points
4 votes
$535. $30,000 divided by 60 months (five years is $500 per month. 500 x interest rate of 7% is $35.00. Therefore, $535 is the correct answer.
User Wilbur Vandrsmith
by
5.0k points
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