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Martha took out an 8-year loan of 35,790 to purchase a sports utility vehicle at an interest rate of 6.2% compounded monthly. How much will she have to pay in 8 years?

Solution

Martha took out an 8-year loan of 35, 790 to purchase a sports utility vehicle at an interest rate of 6.2% compounded monthly. How much will she have to pay in 8 years?

Solution

Amount : 58697.17

Solution steps

Translate the problem into an equation:

A = 35790 (1 + \frac{0.062}{12})^{12 \cdot 8}

35790 (1 + \frac{0.062}{12})^{12 \cdot 8} = 58697.17431 \dots

Round to the nearest hundredth:

58697.17

Amount : 58697.17

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