James borrows 75000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly.
Calculate the monthly payment that James would have to make in order for the loan to be paid off after exactly 30 years.

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- anonymous

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- anonymous

ok, do u have a calculator near by ?

- anonymous

yes i do

- anonymous

ok bring that out

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- anonymous

okay got it

- anonymous

now what you do here is ....
Divide the amount of dollars (75000) and the annual rate (5)
75000/5% what do u get?

- anonymous

1,500,000

- anonymous

ok give me a min to look over this and I will get bk to you!

- anonymous

okay thank you!!

- anonymous

np and what I have done is , 1,500,000 divided by 30 yrs and got 0.05 which is the same as 5% , get it ? do u have a list of options or is this a question without?

- anonymous

hope im not confusing you .. can u explain yor part of what you think the answer is (if you know )

- anonymous

there isnt a list of options. I'm not really sure how to do the problem

- anonymous

i think your option should be 1,500,000 cause remember when u divided 75000 with 5% and you got 1,500,000 then i divided it by the 30 yrs and got 0.05 , which is the same as 5% so 1,5000,000 , is ur answer , hoped i helped!

- anonymous

did i help , and did you u nderstand ? can u medal please and thank you!

- anonymous

thanks!

- anonymous

your welcome! medal??

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