Ask Question
14 July, 05:50

A $52,000 loan is taken out on a boat with the terms 3% apr for 36 months. the apr is compounded monthly. how much are the monthly payments on this loan?

+2
Answers (1)
  1. 14 July, 06:14
    0
    Monthly payments = ($56890.673/36) = $1,580.296

    Explanation:

    The formula for calculating the compound interest is given as;

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

    where;

    A-Amount to be paid after a given period of time

    P-Principal amount initially taken=$52,000

    r-The annual interest rate=3%=3/100=0.03

    n-Number of times the interest is to be compounded per unit time=12

    t-3

    Replacing;

    A=52000 (1+0.03/12) ^3

    A=52000 (1.0025) ^ (3*12)

    A=56,890.673

    The total amount after 36 months=$56,890.673

    Monthly payments = ($56890.673/36) = $1,580.296
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A $52,000 loan is taken out on a boat with the terms 3% apr for 36 months. the apr is compounded monthly. how much are the monthly payments ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers