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Danny bought a new year. The total amount she needs to borrow is $19,541. She plans to take out a six-year loan at an APR of 8.3%. What is the monthly payment?

Respuesta :

mathmate
Present value of loan, P = 19541
monthly interest rate, i = 8.3%/12
repayment period = 6 years = 72 months

Monthly payment, 
[tex]A=\frac{P(i*(1+i)^n)}{(1+i)^n-1}[/tex]
[tex]=\frac{19541(.083/12*(1+.083/12)^{72})}{(1+.083/12)^{72}-1}[/tex]
[tex]=345.487[/tex]
[tex]=345.49[/tex]   to the nearest cent

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