Solve the problem using the formula below:
interest= 2yc / m(n+1)

given a note for $1,000, with 24 equal monthly payments, and a 7.5% true annual interest rate is charged. what is the principal plus interest payment?

The principal plus interest payment c is $125

Step-by-step explanation:

Amount Financed (m) = $1000

Number of payments(n) = 24

Since there is 24 equal monthly payments.

So, he is paying equal payments for 24 months (2 years)

Number of payment per year(y) = 12

Annual interest rate (I)=12% =0.12

Thus to calculate the principal plus interest payment i.e. c

Since The formula :

Hence the principal plus interest payment c is $125

it is a. 4.2 because 7.6-3.4 gets the remaining length of 4.2. i might be wrong but i am pretty sure this is the answer.

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step-by-step explanation: