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Susan's monthly payment will be $117.93.
We have Susan take out a personal loan for $3,500 at an interest rate of 13% compounded monthly.
P=3500
r=30%
t=3
What is the amortization formula?
[tex]A = \frac{P(\frac{r}{12} )}{(1 -(1 +r/12)^{(-12t)}}[/tex]
Where A is the payment,
P= principal,
r =the annual interest rate
t is the number of years.
use the given value in the formula we get
[tex]A = \frac{3500(0.13/12)}{(1 -(1 +0.13/12)^{-36} }[/tex]
A=117.9288
A= 117.93
Susan's monthly payment will be $117.93.
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