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29 December, 14:04

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?

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Answers (2)
  1. 29 December, 15:45
    0
    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
  2. 29 December, 17:25
    0
    Answ$4201.67
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Home » Mathematics » 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?
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