Answer:
The monthly payment is $35.10.
Step-by-step explanation:
p = 510
r = [tex]13.9/12/100=0.011583[/tex]
n = [tex]12+4=16[/tex]
The EMI formula is :
[tex]\frac{p\times r\times(1+r)^{n} }{(1+r)^{n}-1 }[/tex]
Now putting the values in formula we get;
[tex]\frac{510\times0.011583\times(1+0.011583)^{16} }{(1+0.011583)^{16}-1 }[/tex]
=> [tex]\frac{510\times0.011583\times(1.011583)^{16} }{(1.011583)^{16}-1 }[/tex]
= $35.10
Therefore, the monthly payment is $35.10.
