Loan

Apply for a $ 59000 loan, the loan repayment period is 8 years, and the interest rate 7%.
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 =  804.39 USD
y =  9880.6 USD

Step-by-step explanation:

i1=7/100/12=0.006 r1=(1+i1)128=1.776 m=59000r11i1r1=590001.77610.0061.776=804.39 USD
i2=7/100=0.07 r2=(1+i2)8=1.718 y=59000r21i2r2=590001.71810.071.718=9880.6 USD



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