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you take out a loan of 14000 dollars and intend to have it paid off in five years and the interest rate is 12.3 PERCENT per year compounding monthly so find how much money is paid each month

Soluzione

Soluzione

Amount : 25814.25

Fasi della soluzione

Translate the problem into an equation:

A = 14000 (1 + \frac{0.123}{12})^{12 \cdot 5}

14000 (1 + \frac{0.123}{12})^{12 \cdot 5} = 25814.25421 \dots

Arrotondare all' hundredth più vicino:

25814.25

Amount : 25814.25

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