Using technology, determine the monthly payment on a 6 year loan of $15,250 at 3.5% compounded monthly. round your answer to the nearest cent.
a. $234.75c. $582.70b. $235.13d. $590.05

Option 3 or b - The monthly payment is $235.13.                                                                        

Step-by-step explanation:

Given : A 6 year loan of $15,250 at 3.5% compounded monthly.  

To find :  Monthly payment ?

Solution :

The formula to find monthly payment is

Discount factor is

Substitute in the formula,

where, A is the amount A=$15250

r is the rate = 3.5%=0.035 compounded monthly

time t=6 years

Time in months

Substitute all the values in the formula,

Therefore, The monthly payment is $235.13.

So, Option 3 or b is correct.

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