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Popular Word Problems >

you take out a loan of 14000 dollars and intend to have it paid off in five years and the interest rate is 12.3 PERCENT per year compounding monthly so find how much money is paid each month

Solución

yo u t ak e o u t a l o an o f 14000 d o ll a rs an d in t e n d t o ha v e i t p ai d o ff in f i v e ye a rs an d t h e in t eres t r a t e i s 12.3 PERCENT p er ye a r co m p o u n d in g m o n t h l y so f in d h o w m u c h m o n ey i s p ai d e a c h m o n t h

Solución

Amount : 25814.25

Pasos de solución

Translate the problem into an equation:

A = 14000 (1 + \frac{0.123}{12})^{12 \cdot 5}

14000 (1 + \frac{0.123}{12})^{12 \cdot 5} = 25814.25421 \dots

Redondear al más cercano hundredth:

25814.25

Amount : 25814.25

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