Answer :
Answer:
He will pay $922 Eve month where
$238.6667 is the interest in the payment
Step-by-step explanation:
Eric Shotwell borrows $24,600 from a certain bank. The interest charge amounts to $8,592 to be paid back in 36 months monthly.
Total money to be paid back
= 24600+8592
Total money to be paid back
= $33192
Now for each month in 36 months, a certain amount must be paid
That amount= 33192/36
= $922
But if the interest wasn't added
He'll pay= 24600/36
=$683.333
So the interest amount in the payment every month= 922-683.333.
= $238.6667
He will pay $922 Eve month where
$238.6667 is the interest in the payment
- The calculation is as follows:
Total money to be paid back
= 24600+8592
= $33192
Now for each month in 36 months, a certain amount must be paid
That amount= [tex]33192\div36[/tex]
= $922
Now in the case when the interest wasn't added
He'll pay= [tex]24600\div 36[/tex]
=$683.333
So the interest amount in the payment every month is
= 922-683.333.
= $238.6667
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