Answer:
$1,313.3 per month
Step-by-step explanation:
A=p(1+r/n)^nt
P=principal=$75,000
r=interest rate=7.2%=0.072
t=20 years
n=12 months
A=p(1+r/n)^nt
=75,000(1+0.072/12)^12*20
=75,000(1+0.006)^240
=75,000(1.006)^240
=75,000(4.2026)
=315,195
A=$315,195
The term of Lauren's loan=20 years
20 years×12 months=240 months
Lauren's pay per month =$315,195/240
=$1,313.3125
Approximately $1,313.3 per month
