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

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

kimcuc · Answer

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

What is Interest ?

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