Loan

Apply for a $ 59000 loan, the loan repayment period is 8 years, the interest rate 7%.
How much should I pay for every month (or every year if paid yearly).

Example is for practise 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=59000i1r1r11=590000.0061.7761.7761=804.39 USD
i2=7/100=0.07 r2=(1+i2)8=1.718 y=59000i2r2r21=590000.071.7181.7181=9880.6 USD



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