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I need help for this math question:
Can you provide the steps on how you got the answer to this question?

A bank requires a monthly payment of \$33.45 on a \$2500 loan. At the same rate, find the monthly payment on a \$10,000 loan.

• Math -- Finance -

Assistance needed.

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need help for this math question:
Can you provide the steps on how you got the answer to this question?

A bank requires a monthly payment of \$33.45 on a \$2500 loan. At the same rate, find the monthly payment on a \$10,000 loan.

• Home work help -

33.45 * 12 = \$401.40 annually

401.4 / 2500 = 0.16056 = 16.056%

10,000 * 0.16056 = 1605.6

\$1605.60 / 12 = ?

• Home work help -

742

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