Contrerastd5357 Contrerastd5357
  • 23-01-2020
  • Business
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A student borrows ​$55 comma 700 at 9.6​% compounded monthly. Find the monthly payment and total interest paid over a 25 year payment plan.

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mariamtomori
mariamtomori mariamtomori
  • 23-01-2020

Answer:

total interest paid I =$ 552,455.77

monthly payment = A/ nt   =$2,027.18

Explanation:

compound interest formula is given by

A = P (1 + (r/n))^(nt)

where

A = ? (final amount)

P = ​$55,700

r = 9.6​%

t = (1/12)monthly.

n = 25 year payment plan.

A = $55,700 (1 + (9.6​/12))^(25*12)

total amount A  = $608,155.77

total interest paid I =$ 552,455.77

initial principal P =$ 55,700

monthly payment = A/ nt =  $608,155.77 / 300

                =$2,027.18

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