I need to know how much will my monthly payment be?

Question

asked Jan 18, 2023 152k views

1 Answer

Martin Nielsen · Answer 1 · 2023-01-23T12:39:34+0000

Given:

Loan = P = $48,000

Simple interest rate = r = 2% = 0.02

Time = t = 9 years

So,

The interest = I =

$I=P\cdot r\cdot t=48000\cdot0.02\cdot9=8640$

Total amount =

To find the monthly payments, we will divide the total amount over the number of months of the nine years

so,

The monthly payments =

$(56640)/(9\cdot12)=524.44$