Gus Has 3 Years To Repay A 85000 Personal Loan At 7 35 Per Year Compounded Monthly A Calculate The Monthly Payment U 1 (27.93 KiB) Viewed 30 times
Gus has 3 years to repay a $85000 personal loan at 7.35% per year, compounded monthly a. Calculate the monthly payment using the appropriate formula. b. Calculate the total amount Gus ends up paying. c. Calculate the amount of interest Gus will pay over the life of the loan.
Present value of an ordinary simple annuit PV=iR[1−(1+i)−n], where: - PV is the present value in dollars - R is the regular payment in dollars - i is the interest rate per compounding per - n is the number of compounding periods
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