Question

Question 4 Not yet answered Marked out of 1.00 A young photographer took out a loan of $6079 to buy a digital SLR camera and computing equipment. Payments were due to be made at the end of each month for 36 months, with interest charged at a rate of 7.1% p.a. compounded monthly. How much did he have to pay periodically? Flag question (Give your answer to the nearest cent, ignoring the dollar sign.) Answer: 194.301

Answer 1

Loan amount = $ 6,079

Time = 36 months

Interest = 7.1% per annum compounded monthly

Interest per month = 7.1/12 %

$\large A = 6079 (A/P,\frac{7.1}{12}\%,36)$

$\large \implies A = 6079 \times 0.030922838$

$\large \implies A = \$ \ 187.98$

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