Loan

Apply for a $ 15000 loan, the loan repayment period is 6 years, and the interest rate 2.8%.
How much should I pay monthly (or yearly if paid yearly)?

An example is for practice geometric progression and/or periodic payment for an annuity.

Correct answer:

m =  226.57 USD
y =  2750.64 USD

Step-by-step explanation:

i1=2.8/100/12=0.002 r1=(1+i1)126=1.155 m=15000r11i1r1=150001.15510.0021.155=226.57 USD
i2=2.8/100=0.028 r2=(1+i2)6=1.18 y=15000r21i2r2=150001.1810.0281.18=2750.64 USD



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