Question

James borrows 75000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly.
Calculate the monthly payment that James would have to make in order for the loan to be paid off after exactly 30 years.

Answer 1

ok, do u have a calculator near by ?

Answer 2

yes i do

Answer 3

ok bring that out

Answer 4

okay got it

Answer 5

now what you do here is ....

Divide the amount of dollars (75000) and the annual rate (5)
75000/5% what do u get?

Answer 6

1,500,000

Answer 7

ok give me a min to look over this and I will get bk to you!

Answer 8

okay thank you!!

Answer 9

np and what I have done is , 1,500,000 divided by 30 yrs and got 0.05 which is the same as 5% , get it ? do u have a list of options or is this a question without?

Answer 10

hope im not confusing you .. can u explain yor part of what you think the answer is (if you know )

Answer 11

there isnt a list of options. I'm not really sure how to do the problem

Answer 12

i think your option should be 1,500,000 cause remember when u divided 75000 with 5% and you got 1,500,000 then i divided it by the 30 yrs and got 0.05 , which is the same as 5% so 1,5000,000 , is ur answer , hoped i helped!

Answer 13

did i help , and did you u nderstand ? can u medal please and thank you!

Answer 14

thanks!

Answer 15

your welcome! medal??