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WILL REWARD PLEASE HELP!!!!
Hilda took out a 1-year loan for $950 at a computer retailer to be paid back with monthly payments at a 24% APR, compounded monthly. If the loan offers no payments for the first 2 months, about how much in total will Hilda pay in interest for the loan?

A. $110.03
B. $150.30
C. $38.38
D. $228.00

Respuesta :

the answer is B. 150.30 --APEX

Answer:

The EMI formula is :

[tex]\frac{p*r*(1+r)^{n} }{(1+r)^{n}-1 }[/tex]

P = 950

r = [tex]24/12/100=0.02[/tex]

n = 12

Now, putting the values in formula we get

[tex]\frac{950*0.02*(1+0.02)^{12} }{(1+0.02)^{12}-1 }[/tex]

[tex]\frac{950*0.02*(1.02)^{12} }{(1.02)^{12}-1 }[/tex]

EMI = $90 approx

So, she has to pay a total of [tex]12\times90=1080[/tex] dollars

And interest incurred will be = [tex]1080-950=130[/tex] dollars

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