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

what is the monthly payment amount?

o $3,000

o $10,600

o $600

$883.33

monthly payment.## What is Interest ?

Interestis 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.interestrate on the loan.interestrate is 6%S.I.= (P*R*T)/100 = (50000*6*5)/100 = 15,000AMOUNT= 50000+15000amounthas to be paid in 5 years , Thereforemonthly13000/12 = $1083.33monthly payment.Interest