# 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. Result m = 804.39 USD y = 9880.6 USD #### Solution: $i_1 = 7/100/12 = 0.006 \ \\ r_1 = (1 + i_1)^{ 12\cdot 8 } = 1.776 \ \\ m = 59000 \cdot \dfrac{ i_1 r_1}{ r_1 -1 } = 59000 \cdot \dfrac{ 0.006 \cdot 1.776}{ 1.776 -1 } = 804.39 \ \text { USD }$ $i_2 = 7/100 = 0.07 \ \\ r_2 = (1 + i_2)^{ 8 } = 1.718 \ \\ y = 59000 \cdot \dfrac{ i_2 r_2}{ r_2 -1 } = 59000 \cdot \dfrac{ 0.07 \cdot 1.718}{ 1.718 -1 } = 9880.6 \ \text { USD }$ Leave us a comment of this math problem and its solution (i.e. if it is still somewhat unclear...): Showing 0 comments: Be the first to comment! #### Following knowledge from mathematics are needed to solve this word math problem: ## Next similar math problems: 1. Profitable bank deposit 2012 Calculate the value of what money lose creditor with a deposit € 9500 for 4 years if the entire duration are interest 2.6% p.a. and tax on interest is 19% and annual inflation is 3.7% (Calculate what you will lose if you leave money lying idle at negative 2. Compound interest 3 After 8 years, what is the total amount of a compound interest investment of$25,000 at 3% interest, compounded quarterly? (interest is now dream - in the year 2019)
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