In the diagram, DC is 10 units and BC is 6 units. Line l is a perpendicular bisector of line segment A C. It intersects line seg
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Answer:
Therefore, the approximate monthly payment is $548.85
Step-by-step explanation:
The amount of student loans Erica currently has = $34,006.00
The duration over which Erica is to pay back the loan = 7 years
The annual interest rate for the loan = 9.1%
Therefore, we have the geometric sequence formula is given as follows;
Where;
M = The monthly payment
P = The initial loan balance = $34,006.00
r = The annual interest rate = 9.1%
n = The number of monthly payment = 7 × 12 = 84
Aₙ = The amount remaining= 0 at the end of the given time for payment
Substituting the values into the above formula, , we get;
Therefore, the approximate monthly payment = $548.85