Respuesta :
Given that:
[tex]\begin{gathered} \text{Loan amount, P}_0=35000 \\ \text{Annual interst rate, r = }5\%=0.05 \\ \text{Number of compounding periods in one year, k =12} \\ L\text{ength of loan(in years), N = 3} \end{gathered}[/tex]Find the monthly payment, d.
The formula to find the monthly payment is
[tex]P_0=\frac{d(1-(1+\frac{r}{k})^{-Nk})}{(\frac{r}{k})}[/tex]Plug the given values into the formula.
[tex]\begin{gathered} 35000=\frac{d(1-(1+\frac{0.05}{12})^{-3\cdot12})}{(\frac{0.05}{12})} \\ =33.3657d \\ d=\frac{35000}{33.3657} \\ =1048.98 \end{gathered}[/tex]The monthly payment is $1049 approximately.
