$ 657.6
Step-by-step explanation:
Step 1:
Given,
Principal = $2500
Monthly payment = $32.88
Step 2 :
The amount of monthly payment and the principal amount are in direct proportion , that is when the principal amount increases the monthly payment increases and when the principal decreases the monthly payment decreases.
Step 3 :
The monthly payment for $2500 is $32.88
Therefore for a principal of $50000, the amount of monthly payment is
32.88 *50000/2500 = $657.6
