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Maribel will borrow $6250 at 13.5% APR. She chooses to pay it back in 2 years.

What will her monthly payment be? Use the table.

Use the rate table to figure out the monthly payments per one hundred dollars.

Respuesta :

At a rate of 13.5% the interest per $100 is $ 4.778 per month.

Therefore, for two years the payment will be

$4.778 × 24 = $114.672 per $ 100

Therefore, the interest for a principal $6250 for two years;

(6250/100) × 114.672

= $7167

The monthly payment would therefore be

7167/24

= $298.625

≈$298.63

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