shawnnydee21 shawnnydee21

11-07-2021
Mathematics

contestada

What is the maximum amount of a loan you can get if you pay $700 each month at a yearly rate of 0.89% for 10 years?

Respuesta :

samuelonum1 samuelonum1

16-07-2021

Answer:

$785.17

Step-by-step explanation:

Given data

PV is the loan amount

PMT is the monthly payment

i is the interest rate per month in decimal form (interest rate percentage divided by 12)

n is the number of months (term of the loan in months)

PMT =$700

n = 10 years

i = 0.89%

The formula for the loan amount is

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