if a family borrows $13,191 for an addition to their home, and the loan is to be paid off in monthly…

if a family borrows $13,191 for an addition to their home, and the loan is to be paid off in monthly payments over a period of 5 years, how much should each payment be? (interest has been included in the total amount borrowed.) round your answer to the nearest cent, if necessary. each payment should be $□.

if a family borrows $13,191 for an addition to their home, and the loan is to be paid off in monthly payments over a period of 5 years, how much should each payment be? (interest has been included in the total amount borrowed.) round your answer to the nearest cent, if necessary. each payment should be $□.

Answer

Explanation:

Step1: Calculate total months

There are 12 months in a year, and the loan is for 5 years. So the total number of months $n = 12\times5=60$.

Step2: Calculate monthly payment

The total amount borrowed is $A = 13191$. The monthly payment $M$ is the total amount divided by the total number of months. So $M=\frac{13191}{60}=219.85$.

Answer:

$219.85$