Ask Question
17 February, 07:41

One plans to borrow 400000 to buy a new car. the loan will be for 3 years at 12 percent annual rate compounded monthly. he can pay 12500 per month during the first year. what amount would he pay during the next two years to repay the loan?

+5
Answers (1)
  1. 17 February, 08:11
    0
    17165.47 to two decimal places

    Step-by-step explanation:

    Do 400000 X 1.12^3 = 561971.20

    Do 12500 * 12 = 150000

    Do 561971.20 - 150000 = 411971.20

    411971.20 / 24 = 17165.47 per month for 2 years
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “One plans to borrow 400000 to buy a new car. the loan will be for 3 years at 12 percent annual rate compounded monthly. he can pay 12500 ...” in 📗 Mathematics 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