find the final monthly payment required to pa...
find the final monthly payment required to pay off a loan with $2100 remaining principal and a 15% annual interest rate. $? round to the nearest cent.
Answer
# Explanation:
## Step1: Calculate monthly interest rate
The annual interest rate is 15% or 0.15 in decimal form. The monthly interest rate $r$ is $\frac{0.15}{12}= 0.0125$.
## Step2: Calculate final monthly payment
The final monthly - payment includes the remaining principal and the interest on the remaining principal. The interest on the remaining principal of $P = 2100$ is $I=P\times r=2100\times0.0125 = 26.25$. The final monthly payment is the sum of the remaining principal and the interest, so $A=2100 + 26.25=2126.25$.
# Answer:
$2126.25$