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alexasbrinser216
alexasbrinser216 alexasbrinser216
  • 24-01-2017
  • Mathematics
Answered

Frank took out a five-year loan of $48,000 with an annual interest rate of 5%. Calculate his monthly payment

Verified Answer :

brianamcelroy0
brianamcelroy0 brianamcelroy0
  • 24-01-2017

He would have a monthly payment of $200
You multiply 48,000 by 5% and get 2400 then you multiply that by 5. 
You get 12000.
To find his monthly payment you just Take 12 (number of months in a year) and times that by 5 (number of years) to get 60.
Then you take the 12000 and divide by 60 to get $200.

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