SOLUTION: Find the monthly payment for the loan indicated. (Round your final answer to two decimal places. See Example 5.)
To purchase a home, a family borrowed $87,000 at an annual interes
Algebra.Com
Question 1194576: Find the monthly payment for the loan indicated. (Round your final answer to two decimal places. See Example 5.)
To purchase a home, a family borrowed $87,000 at an annual interest rate of 6.3% for 20 years.
$
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!
buying price =
interest rate = % = -> monthly interest rate=
time = years => months ()
let be monthly payment
...Round to two decimal places
Monthly payment is
RELATED QUESTIONS
Brett borrowed $18,000 at 7.2% interest to buy a car. It is a 5-year loan. Find the... (answered by MathLover1,MathTherapy)
Brett borrowed $11,000 at 7.2% interest to buy a car. It is a 6-year loan. Find the... (answered by greenestamps)
The amount (future value) of an ordinary annuity is given. Find the periodic payment.... (answered by math_tutor2020)
Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment,... (answered by ikleyn,math_tutor2020)
A company amortizes a $75,000 loan, at 4.3% interest, with quarterly payments of $2316.83 (answered by Theo)
Alice borrows $12,000 to buy a car. She pays 6.2% interest compounded monthly and the... (answered by josmiceli,MathTherapy,greenestamps)
Alice borrows $16,000 to buy a car. She pays 5.4% interest compounded monthly and the... (answered by Boreal)
How much should parents invest on each of their child's first 18 birthdays to provide... (answered by josmiceli,MathTherapy,greenestamps)
Determine the amount of the ordinary annuity at the end of the given period. (See Example (answered by ikleyn)