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Popular Word Problems >

Martha took out an 8-year loan of 35,790 to purchase a sports utility vehicle at an interest rate of 6.2% compounded monthly. How much will she have to pay in 8 years?

Solution

M a r t ha t oo k o u t an 8 - ye a r l o an o f 35, 790 t o p u rc ha se a s p or t s u t i l i t y v e hi c l e a t an in t eres t r a t e o f 6.2% co m p o u n d e d m o n t h l y . Ho w m u c h w i ll s h e ha v e t o p a y in 8 ye a rs ?

Solution

Amount : 58697.17

Solution steps

Translate the problem into an equation:

A = 35790 (1 + \frac{0.062}{12})^{12 \cdot 8}

35790 (1 + \frac{0.062}{12})^{12 \cdot 8} = 58697.17431 \dots

Round to the nearest hundredth:

58697.17

Amount : 58697.17

Popular Examples

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