Answer:
$148.21
Step-by-step explanation:
A suitable financial calculator, web site, or spreadsheet can figure this for you. Or you can use the formula given in your reference material (text or web site).
Answer:
Michelle's monthly payment will be $148.21.
Step-by-step explanation:
The EMI formula is =
[tex]\frac{p\times r\times(1+r)^{n} }{(1+r)^{n}-1}[/tex]
Here,
p = $10125
r = [tex]12.5/12/100=0.010417[/tex]
n = [tex]10\times12=120[/tex]
Putting all these values in the formula we get,
[tex]\frac{10125\times0.010417\times(1+0.010417)^{120} }{(1+0.010417)^{120}-1}[/tex]
=>[tex]\frac{10125\times0.010417\times(1.010417)^{120} }{(1.010417)^{120}-1}[/tex]
=$148.21
So, Michelle's monthly payment will be $148.21.
