Question

Solve. (Round to the nearest hundredth, if necessary.)

Medal
A bank requires a monthly payment of $24.09 on a $2100 loan. At the same rate, find the monthly payment on a $52,500 loan.
$ per month

Answer 1

anyone please help me

Answer 2

You owe $2,100, so after n months you've paid
$$
24.09(1+x)^n=\text{amount paid}
$$
This is one equation with two unknowns, x is your interest rate and n is the number of periods necessary to pay off the loan.

Once the loan is paid off, we have
$$
24.09(1+x)^n=2,100
$$

We want to solve for x but need to know how long we have to pay off the loan (i.e. n).

Do you know n?

Once we know n, we can find x and the answer by solving
$$
P={52,500\over(1+x)^n}\\
$$
Which is our new monthly payment.

Answer 3

how would you solve this