Answer:
[tex]\large\boxed{\large\boxed{\$ 248.53}}[/tex]
Explanation:
The equation to calculate the monthly payment for fixed-rate loans is:
[tex]Monthly\text{ }payment=Loan\times \bigg[\dfrac{r(1+r)^t}{(1+r)^t-1}\bigg][/tex]
Where:
- Loan = $8500 - $300 = 8,200
- r is the monthly interest = 5.75% / 12 = 0.0575/12 ≈ 0.00479
- t is the number of moths = 36
Substituting:
[tex]Monthly\text{ }payment=\$8,200\times \bigg[\dfrac{(0.0575/12)(1+(0.0575/12))^{36}}{(1+(0.0575/12))^{36}-1}\bigg]=\$ 248.53[/tex]
