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anonymous

  • one year ago

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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  1. anonymous
    • one year ago
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    ok, do u have a calculator near by ?

  2. anonymous
    • one year ago
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    yes i do

  3. anonymous
    • one year ago
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    ok bring that out

  4. anonymous
    • one year ago
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    okay got it

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

  6. anonymous
    • one year ago
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    1,500,000

  7. anonymous
    • one year ago
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    ok give me a min to look over this and I will get bk to you!

  8. anonymous
    • one year ago
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    okay thank you!!

  9. anonymous
    • one year ago
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    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?

  10. anonymous
    • one year ago
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    hope im not confusing you .. can u explain yor part of what you think the answer is (if you know )

  11. anonymous
    • one year ago
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    there isnt a list of options. I'm not really sure how to do the problem

  12. anonymous
    • one year ago
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    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!

  13. anonymous
    • one year ago
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    did i help , and did you u nderstand ? can u medal please and thank you!

  14. anonymous
    • one year ago
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    thanks!

  15. anonymous
    • one year ago
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    your welcome! medal??

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