Melinda Stewart borrowed $5,000 at an annual interest rate of 7.2% for three years. Calculate her monthly payments. M=Pm(1+m)na(1+m)na−1 A. 89.73 B. 95.24 C. 99.73 D. 154.84

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asked Jun 10, 2018 112k views

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Toby Smith · Answer 1 · 2018-06-14T22:08:35+0000

Hi there
The formula to find the monthly payment is
Pmt=pv÷[(1-(1+r/12)^(-12×n))÷(r/12)]
PMT=5,000÷((1−(1+0.072÷12)^(
−12×3))÷(0.072÷12))
=154.84...answer

Hope it helps

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Melinda Stewart borrowed $5,000 at an annual interest rate of 7.2% for three years. Calculate her monthly payments. M=Pm(1+m)na(1+m)na−1 A. 89.73 B. 95.24 C. 99.73 D. 154.84

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