Maya bought a car for $15,000. To pay for it, she took a bank add-on interest loan at an annual interest rate of 9%. The loan term is 5 years. How much interest will she pay and what are her monthly payments?
I = PRT
I = 15,000 * 0.09 * 5
I = 6750
(15,000 + 6750) / 60 = _______ monthly payment
Greg bought a unit for $100000 at 10% per annum. Reductable interest and payments are $540 per fortnight.
Show progress of first 6 weeks.
Greg also borrowed $2000 and intrest rate is 10%. he made a quarterly payment of $500 Draw up a table until all is paid. How much will his last payment be.
To calculate the total interest paid and the monthly payments, we'll need to use the formula for an add-on interest loan.
Step 1: Calculate the total interest paid:
Total interest = loan amount * interest rate * loan term
Total interest = $15,000 * 0.09 * 5
Total interest = $6,750
Maya will pay a total of $6,750 in interest over the 5-year loan term.
Step 2: Calculate the monthly payments:
To calculate the monthly payments, we'll divide the total loan amount plus interest by the number of months in the loan term.
Total loan amount plus interest = loan amount + total interest
Total loan amount plus interest = $15,000 + $6,750
Total loan amount plus interest = $21,750
Number of months = loan term * 12
Number of months = 5 * 12 = 60
Monthly payments = total loan amount plus interest / number of months
Monthly payments = $21,750 / 60
Monthly payments ≈ $362.50 (rounded to the nearest cent)
Maya's monthly payments will be approximately $362.50.
To calculate the total interest Maya will pay, we need to use the formula for add-on interest:
Total Interest = Principal x Interest Rate x Loan Term
Given:
Principal (the amount Maya borrowed) = $15,000
Interest Rate = 9% per year
Loan Term = 5 years
Plugging these values into the formula, we get:
Total Interest = $15,000 x 0.09 x 5 = $6,750
So, Maya will pay a total of $6,750 in interest over the 5-year loan term.
To calculate the monthly payments, we need to use the formula for add-on interest loan payments:
Monthly Payment = (Principal + Total Interest) / (Number of Months)
Given:
Principal (the amount Maya borrowed) = $15,000
Total Interest = $6,750
Number of Months = Loan Term x 12 (since there are 12 months in a year)
Plugging these values into the formula, we get:
Number of Months = 5 x 12 = 60
Monthly Payment = ($15,000 + $6,750) / 60 = $21,250 / 60 = $354.17 (rounded to the nearest cent)
So, Maya's monthly payment will be approximately $354.17.