Determine the monthly payment of a loan for $3,000 at 7.5% interest compounded monthly for 36 months.
a.
$93.32
b.
$95.40
c.
$211.33
d.
$253.60

The monthly payment is $93.32 ⇒ answer a

Step-by-step explanation:

* Lets explain how to solve the problem

- The monthly payment is

  where:

# P is the loan amount

# r is the rate per period in decimal

# n is the number of periods

- The loan is $3000

- We need to find the monthly payment

∴ P = $3000

- The compound monthly interest is 7.5% for 36 months

∵ The period is 12 (1 year = 12 months)

- Divide the rate as a decimal by 12

∴

∴ r = 0.00625

∴ n = 36

* Lets calculate the monthly payment using the rule above

∵ Monthly payment =

∴ The monthly payment is $93.32

answer: 40.95

step-by-step explanation:

you forgot the options, but i found them anyways, the correct answer is "john wilson believes that words and actions based on the intellect are superior to those based on emotions".

john wilson is depicted as an extremely intelligent man. the point of the excerpt is to make a sort of distinction between emotional and rational intelligence. he happens to have both attributes, but he clearly favors his intellectual gifts. at the same time, because of his religious background, he's a little bit conflicted with this and it makes him ashamed.

hope this !