Rodrigo applied for a $14,000 loan at an interest rate of 5.4% for 6 years. Use the monthly payment formula to complete the statement. M = M = monthly payment P = principal r = interest rate t = number of years Rodrigo’s monthly payment for the loan is , and the total finance charge for the loan is a. 19 %

b. 20 %

c.21 %

d. 24 %

$2421.76

Step-by-step explanation:

The monthly payment formula goes thus :

M = P * r(1+r)^n / ((1+r)^n - 1)]

r = 5.4% ; n = 6

We could accurately obtain the monthly payment using a monthly payment calculator

The monthly payment M, obtained = $228.08

Therefore.$228.08 will be repaid monthly (this amount includes the interest paid on the amount borrowed).

The finance charge :

Total amount repaid = monthly payment * number of period

Total amount repaid = $228.08 * (12 * 6) = 16421.76

Finance charge = total. Amount repaid - principal

Finance charge = 16421.76 - 14000

= $2421.76

step-by-step explanation:

the original amount doesn't ''re just looking for the time it takes for 1/2 of the substance to we have

(1/2) =)     take the ln   of both sides

ln (1/2)   = )   and we can write

ln(1/2) = ) lne     and lne   = 1     so we have

ln(1/2) = -.1092t     divide both sides by -.1092

t = ln(1/2)/-.1092 = about 6.347 days = about 6.3 days (rounded)

the answers c