Carol borrowed $9600 for 5 years and the interest on the loan was $6144.Find the monthly payment.

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DemarrioZ188727 DemarrioZ188727

29-10-2022
Mathematics

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Carol borrowed $9600 for 5 years and the interest on the loan was $6144.Find the monthly payment.

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ScarlotteF158834 ScarlotteF158834 · Answer 1 · 2022-10-29T15:36:46+02:00

[tex]\begin{gathered} I=PV\cdot r\cdot t \\ I=\text{Interest}=6144 \\ r=\text{interest rate} \\ PV=\text{Present value=9600} \\ t=\text{time}=5 \\ \text{Solving for r:} \\ r=\frac{I}{\text{PV}\cdot\text{t}}=\frac{6144}{9600\cdot5}=0.128 \end{gathered}[/tex][tex]\begin{gathered} \text{PMT}=\frac{rPV}{1-(1+r)^{-n}} \\ \text{PMT}=\frac{0.128\cdot9600}{1-(1+0.128)^{-60}} \\ \text{PMT}=1229.693822\approx1229.7 \end{gathered}[/tex]

PMT = $1229.7