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Popular Word Problems >

you take out a loan of 14000 dollars and intend to have it paid off in five years and the interest rate is 12.3 PERCENT per year compounding monthly so find how much money is paid each month

Solution

yo u t ak e o u t a l o an o f 14000 d o ll a rs an d in t e n d t o ha v e i t p ai d o ff in f i v e ye a rs an d t h e in t eres t r a t e i s 12.3 PERCENT p er ye a r co m p o u n d in g m o n t h l y so f in d h o w m u c h m o n ey i s p ai d e a c h m o n t h

Solution

Amount : 25814.25

Solution steps

Translate the problem into an equation:

A = 14000 (1 + \frac{0.123}{12})^{12 \cdot 5}

14000 (1 + \frac{0.123}{12})^{12 \cdot 5} = 25814.25421 \dots

Round to the nearest hundredth:

25814.25

Amount : 25814.25

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