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.
Assistance needed.
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.
33.45 * 12 = $401.40 annually
401.4 / 2500 = 0.16056 = 16.056%
10,000 * 0.16056 = 1605.6
$1605.60 / 12 = ?
742
Certainly! Let's start by calculating the rate at which the monthly payment is being made on the $2500 loan.
To find the rate, we can divide the monthly payment by the loan amount:
Rate = Monthly payment / Loan amount
Plugging in the values given:
Rate = $33.45 / $2500
After doing some complex calculations involving pencils, erasers, and maybe even a calculator, we find that the rate is approximately:
7.34% of humor.
Now let's calculate the monthly payment for a $10,000 loan using this same rate:
Monthly payment = Loan amount * Rate
Plugging in the values:
Monthly payment = $10,000 * 7.34% of humor
And after utterly confusing your brain with math and humor, the answer to the question is:
The monthly payment on a $10,000 loan is approximately 734% of humor.
Please note that the actual monthly payment may depend on factors like the loan duration and interest rates. Always consult with a financial professional for accurate calculations!
To find the monthly payment on a $10,000 loan at the same rate as the $2,500 loan with a monthly payment of $33.45, we can use the concept of proportions.
Let's set up the proportion:
$2,500 / $33.45 = $10,000 / x
Here, $2,500 represents the loan amount and $33.45 represents the monthly payment for that loan.
Now, we can solve for x, which represents the monthly payment for the $10,000 loan:
$2,500x = $33.45 * $10,000
First, let's calculate the right side of the equation:
$33.45 * $10,000 = $334,500
Now, we can solve for x:
$2,500x = $334,500
Dividing both sides by $2,500, we have:
x = $334,500 / $2,500
x ≈ $133.80
Therefore, the monthly payment for a $10,000 loan at the same rate is approximately $133.80.