## Question 1 (1 point) Garrett took out a 60-month bank loan of $22,000 at an interest rate of 7.99%. Garrett budgets to pay $700 per mo

Question

Question 1 (1 point)

Garrett took out a 60-month bank loan of $22,000 at an interest rate of 7.99%. Garrett budgets to pay $700 per month towards the loan. Write

an equation that represents how much total interest Garrett will pay towards the remaining balance of the loan at the end of each year. Let m

equal the number of months paid and requal the interest charged on the remaining balance.

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Math
2 weeks
2021-09-11T01:22:59+00:00
2021-09-11T01:22:59+00:00 1 Answer
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## Answers ( )

Answer:The description for the problem is listed throughout the section below on explanations.

Step-by-step explanation:The given values are:

The amount of bank loan =

$22,000Interest rate =

7.99%Pays monthly =

$700So, the principal amount decreases by 700 per month.

Now,

The principal amount at the end of the month =

(22000 – 700 m)Then,

The interest paid at the end of 1 year:⇒

On simplifying the above equation, we get

⇒

⇒

⇒

⇒ $

Therefore interest could be measured correctly at the end of each year, likewise.

⇒

⇒

⇒

⇒

R : interest rate