Question

Eric Shotwell borrows $24,600 from a certain bank. The interest charge amounts to $8,592. What equal monthly payments (in $) must Eric make in order to pay back the loan, with interest, in 36 months?

Answer 1

Answer:

He will pay $922 Eve month where

$238.6667 is the interest in the payment

Step-by-step explanation:

Eric Shotwell borrows $24,600 from a certain bank. The interest charge amounts to $8,592 to be paid back in 36 months monthly.

Total money to be paid back

= 24600+8592

Total money to be paid back

= $33192

Now for each month in 36 months, a certain amount must be paid

That amount= 33192/36

= $922

But if the interest wasn't added

He'll pay= 24600/36

=$683.333

So the interest amount in the payment every month= 922-683.333.

= $238.6667