Answer:
a. $151.73
Step-by-step explanation:
This question is based on EMI
The EMI formula is :
[tex]\frac{p*r*(1+r)^{n} }{(1+r)^{n}-1 }[/tex]
Here , p = 2513.77
n = 18 (year and a half)
r = [tex]\frac{10.66}{12}=0.888[/tex] ;
=> [tex]\frac{0.888}{100}=0.0088[/tex]
Putting the values in formula:
[tex]\frac{2513.77*0.0088*(1.0088)^{18} }{(1.0088)^{18}-1 }[/tex]
=$151.63 ; this amount is closest to $151.73
Therefore, Jeff will have to pay $151.73 every month to reach his goal.
