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12 April, 21:18

Rodrigo applied for a $14,000 loan at an interest rate of 5.4% for 6 years. Use the monthly payment formula to complete the statement. M = M = monthly payment P = principal r = interest rate t = number of years

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  1. 12 April, 22:05
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    A = $19354.71

    At the end of 6 years

    Step-by-step explanation:

    $14,000 loan at an interest rate of 5.4% for 6 years.

    Amount to be paid at the end of the six years is

    A = p (1+r/n) ^ (nt)

    P = $14000

    r = 0.054

    t = 6

    n = 6*12 = 72

    A = 14000 (1+0.054/72) ^ (72*6)

    A = 14000 (1 + 0.00075) ^ (432)

    A = 14000 (1.00075) ^ (432)

    A = 14000 (1.38247941)

    A = 19354.71

    A = $19354.71
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