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67. Fran wants to purchase a new boat. She starts looking for a boat around $6,000. Fran creates a budget and thinks that she can afford $250 every month for 2 years. Her bank charges her 5% interest per year, compounded monthly.
1. What is the actual monthly payment for Fran’s loan?

Respuesta :

Limosa

Answer:

So, the actual payment for the Fran's loan is $263.23.

Step-by-step explanation:

Cost of boat = $6,000

Her bank charges interest per year = 5%

Let, The actual monthly payment for the Fran's loan = r

6000 = r(\frac{1-(1+\frac{0.05}{12})^-24}{\frac{0.05}{12}})

then,

r = 6000(\frac{\frac{0.05}{12}}{1-(1+\frac{0.05}{12})^-24})

r = 263.23

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