Answer:
monthly payments is $69.61
Total interest paid = $1641.6
Explanation:
given data
buy computer = $2535
equal installments = 60
interest per month = 1.81 % = 0.0181
solution
we get here Monthly installments payments that is express as
EMI = [tex]\frac{P \times r \times (1+r)^t}{(1+r)^t-1}[/tex] ................1
put here value and we get
EMI = [tex]\frac{2535 \times 0.0181 \times (1+0.0181 )^{60}}{(1+0.0181 )^{60}-1}[/tex]
EMI = 69.610
so monthly payments is $69.61
and
Total interest paid is express as
Total interest paid = (no. of installment × EMI) - Loan amount
Total interest paid = (60 × 69.61) - 2535
Total interest paid = $1641.6
