a student borrows $54000 at 4.8% compounded monthly. find the monthly payment and total interest paid over 15 year time?
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54000+4.8*15 times that would be the answer but not sure
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please thanks for the answer
please mark as brainliest answer
Step-by-step explanation:
Definitions
Monthly payment
Monthly payment for this loan.
Term in months
Number of months for this loan.
Loan amount
Total amount of your loan.
Interest rate
Annual interest rate for this loan. Interest is calculated monthly on the current outstanding balance of your loan at 1/12 of the annual rate.
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