How much is a small loan of a million dollars

Asked by admin @ in Mathematics viewed by 282 People

In 2016, Donald Trump admitted he received a small loan of 1 million dollars from his father. If he paid back the loan over 32 years at a fixed rate of 3%, how much does he pay each month?

Answered by admin @


Answer:

Donald Trump will pay monthly to his father  $5104.17

Step-by-step explanation:

Simple interest = P x R x T

= 100000 x 0.03 x 32

= 960,000

Total amount Donald Trump will give his father for 32 years = 1,000,000 + 960,000

                                                                                = $1,960,000

To get the amount he will pay monthly,

32 years x 12 = 384 months

Donald Trump will service his loan for 384 months

Then,

= 1960000 / 384

= $5104.17


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