Answer:
The interest paid is $3,575
The yearly payment is $11,715
The monthly payment is $976.25
Step-by-step explanation:
The total amount he has to pay after 5 years is $72875, and his monthly payment is $14575.
What is the percentage?
A percentage is a number or ratio that can be expressed as a fraction of 100. If we have to calculate the percent of a number, divide the number by the whole and multiply by 100.
Suzanne Brett wants to borrow $55,000 from the bank.
The interest rate is 6.5% and the term is for 5 years.
The total amount after 6.6% interest for 5 years is;
[tex]\rm Amount = Principal \ amount \times Time \times interest \\\\Amount = 55000 \times 5 \times 6.5\\\\Amount =72875\\\\Yearly\ payment = \dfrac{72875}{5}= $14575[/tex]
Hence, the total amount he has to pay after 5 years is $72875, and his monthly payment is $14575.
Learn more about percentages here;
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