# 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.

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:

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#### You need to know the following knowledge to solve this word math problem:

**algebra**- geometric progression
**arithmetic**- multiplication
- exponentiation
**basic functions**- exponential function

#### Units of physical quantities:

#### Grade of the word problem:

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