Man takes a loan of $45000. The interest is 3%. He pays the loan with 36 equal payments How much is each payment?
Answers
Answered by
0
Answer:
What does a 3% loan mean?
Short-Term Loans
The daily interest amount is equal to the annual rate (3%, for example) divided by the number of days in the year (365, except 366 during a leap year). ... These loans are amortizing, meaning a portion of each payment goes to pay down interest, and the rest is applied to the loan balance.
Step-by-step explanation:
Answered by
0
Answer:
Loan amount: $45,000
EMI Payment: $1,309
Interest rate: 3%
Number of payments: 36
Payment frequency: Monthly
Total interest paid: $2,111.59
Total payments: $47,111.59
Similar questions