SOLUTION: At graduation, you have a student loan of $19,000. The loan has a fixed annual interest rate of 3.4%, compounded monthly, for 10 years. What will your monthly payments be? (Enter n
Algebra.Com
Question 1201600: At graduation, you have a student loan of $19,000. The loan has a fixed annual interest rate of 3.4%, compounded monthly, for 10 years. What will your monthly payments be? (Enter numeric answers to 2 decimal places.)
Found 2 solutions by ikleyn, math_tutor2020:
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.
At graduation, you have a student loan of $19,000.
The loan has a fixed annual interest rate of 3.4%, compounded monthly, for 10 years.
What will your monthly payments be? (Enter numeric answers to 2 decimal places.)
~~~~~~~~~~~~~~~~~~~~~
Go to web-site
https://www.calculatorsoup.com/calculators/financial/loan-calculator.php
Find there free of charge online calculator, specially developed
to make this kind of calculations for """students""" homework
with complete explanations.
Print your input data in calculator and get your answer immediately.
In parallel, learn the relevant formulas and calculation technique from the accompanying text.
Answer by math_tutor2020(3817) (Show Source): You can put this solution on YOUR website!
Answer: $186.99
Work Shown:
The formula to use is
P = (L*i)/( 1-(1+i)^(-n) )
where,
P = monthly payment
L = loan amount
i = monthly interest rate in decimal form
n = number of months
In this case
L = 19000
i = 0.034/12 = 0.0028333 approximately
n = 10*12 = 120 months
Then,
P = (L*i)/( 1-(1+i)^(-n) )
P = (19000*0.0028333)/( 1-(1+0.0028333)^(-120) )
P = 186.994047599858
P = 186.99
The answer can be confirmed with a calculator such as this one
https://www.calculator.net/loan-calculator.html
RELATED QUESTIONS
At graduation, you have a student loan of $18,000. The loan has a fixed annual interest... (answered by Theo)
Hal purchases a car for $65,000, makes a down payment of 30%, and finances the rest with... (answered by addingup)
Joseph bought a townhouse in North riding for R700 000.he paid a deposit of R100 000 and... (answered by Theo,MathTherapy)
During this time of pandemic, many lending institutions offer a loan package to wage... (answered by Boreal)
money questions get me lost....help!
A 20 year fixed-rate mortgage with an annual... (answered by stanbon)
If a loan of ₱60,000 is to be settled by 3,200 monthly payments for 2
years, what... (answered by yurtman,ikleyn)
Joe secured a loan of $12,000 3 years ago for use towards his college expenses. The bank (answered by addingup,MathTherapy)
Carissa's parents were unable to pay for her last year of college, so she obtained a... (answered by Theo)
You can afford a $250 per month car payment. You've found a 6 year loan at 6% annual... (answered by ankor@dixie-net.com)