To help pay for culinary school, Chris borrowed money from a bank.He took out a...

90.2K

Verified Solution

Question

Algebra

image

To help pay for culinary school, Chris borrowed money from a bank.He took out a personal, amortized loan for $57,500, at an interest rate of 5.9%, with monthly payments for a term of 10 years.For each part, do not round any intermediate computations and round your final answers to the nearest cent.If necessary, refer to the best of financial formulas.(a) Find Chris' monthly payment.(b) It Chris pays the monthly paythent each month for the full termfind his total amount to repay me loan,(c) 11 Chris pays the monthly pasmant nach month for the full termfind the total amount of interest the will pay

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students