SOLUTION: A loan of $7534 is repaid at the end of 10 months. What size repayment check ( principal and interest) was written, if 4.6% annual rate of interest was charged?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: A loan of $7534 is repaid at the end of 10 months. What size repayment check ( principal and interest) was written, if 4.6% annual rate of interest was charged?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 495897: A loan of $7534 is repaid at the end of 10 months. What size repayment check ( principal and interest) was written, if 4.6% annual rate of interest was charged?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=7534(1.046)^5/6
A=7534*1.038189
A=$7821.72