Given :
Suzie needs to borrow $6,000 from a local bank.
Interest rate, r = 11.25%.
To Find :
The monthly payment of Suzie for one year to pay of the loan.
Solution :
Total amount to return is :
[tex]A = 6000 + \dfrac{6000\times 11.25}{100}\\\\A =\$6675[/tex]
Let, monthly payment is x.
So,
[tex]x =\$ \dfrac{6675}{12}\\\\x = \$556.25[/tex]
Therefore, the monthly payment for loan is $556.25 .
