Question

Brendon walsh wants to borrow $50,000 from the bank. the interest rate is 6% and the term is for 5 years.
what is the monthly payment amount?
o $3,000
o $10,600
o $600
$883.33

Answer 1

Brendon has to pay $1083.33 as monthly payment.

What is Interest ?

Interest is the price you pay to borrow money or the cost you charge to lend money. Interest is most often reflected as an annual percentage of the amount of a loan.

This percentage is known as the interest rate on the loan.

Brendon walsh wants to borrow $50,000

P = $50,000

The interest rate is 6%

and the term is for 5 years

S.I. = (P*R*T)/100 = (50000*6*5)/100 = 15,000

AMOUNT = 50000+15000

Amount = $65000

This amount has to be paid in 5 years , Therefore

65000/5=13000

monthly 13000/12 = $1083.33

Brendon has to pay $1083.33 as monthly payment.

To know more about Interest

https://brainly.com/question/13324776

#SPJ1