Answered

For all your questions, big or small, IDNLearn.com has the answers you need. Our experts provide prompt and accurate answers to help you make informed decisions on any topic.

Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 7% and the term is for 5 years.
What is the monthly payment amount?

$2,100

$535

$420

$6,420

Sagot :

Answer:

$21,000

Explanation:
$535. $30,000 divided by 60 months (five years is $500 per month. 500 x interest rate of 7% is $35.00. Therefore, $535 is the correct answer.
Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. Thank you for visiting IDNLearn.com. We’re here to provide clear and concise answers, so visit us again soon.