5% of 5,000 is $250 though, not $150 as the video shows. So it would be $250 x 3 (for the three years) = $750. The total amount you will be paying is $5, 750
hey, you know the music played in this video, does anyone know the name of the music/tune because it's so lovely and very soothing to hear and I wanna listen to it in different variations only idk the name of this music
Well if you wanna know name of any music tune that is being played then simply take another cell phone and open the Google ( press on the micro phone in the search bar) and you'll notice a " search a song " click on it and play the same sound or the music audio whichever you want to know the name of and bring it close to the other cell phone and yeah that's it😊 hope it helps
ChatGPT Calculation for our problem : The calculation of loan payments over a period with a given interest rate isn't straightforward as simply adding a flat percentage. Here’s a detailed breakdown: ### Correct Calculation Using Amortization Formula When you take a loan, the interest is typically compounded, meaning it's calculated on the remaining principal balance over time. Using the given details: 1. **Principal Amount (P):** $5000 2. **Annual Interest Rate:** 5% 3. **Loan Term:** 3 years ### Step-by-Step Calculation 1. **Monthly Interest Rate (r):** \[ r = \frac{5\%}{12} = 0.05 / 12 = 0.004167 \] 2. **Total Number of Payments (n):** \[ n = 3 \times 12 = 36 \] 3. **Monthly Payment Formula:** \[ M = \frac{P \cdot r \cdot (1 + r)^n}{(1 + r)^n - 1} \] Plugging in the values: \[ M = \frac{5000 \cdot 0.004167 \cdot (1 + 0.004167)^{36}}{(1 + 0.004167)^{36} - 1} \] ### Monthly Payment Calculation \[ M \approx 149.85 \] 4. **Total Amount Paid Over 3 Years:** \[ \text{Total Amount Paid} = M \times n \] \[ \text{Total Amount Paid} = 149.85 \times 36 \approx 5394.60 \] ### Conclusion So, the total amount you would pay over the 3 years is approximately $5394.60, not $5750. This figure represents the principal and the interest calculated and compounded over the term of the loan.
Please I want you to calculate this problem for me. A man took a personal loan of k3500 over 1 year from the bank to buy furniture.The bank calculate the fortnightly repayment of k145. The application fee is k100. How much in total will he pay the bank and what total interest has been charged?
5% of 5,000 is $250 though, not $150 as the video shows. So it would be $250 x 3 (for the three years) = $750. The total amount you will be paying is $5, 750
😮correct 🎉
when you ask for a loan, you're basically borrowing money and you'll have to repay it back later; the amount of money borrowed is called the principle
payment per month is $150, 3 year should be $150 * 12 * 3 = $5400, how did you get $5,395 ?
Yeah 5% interest does not equal to 395 does it.
Habiman
5% of $5,000 is $250
@@malachiwilliams2129
That's what I got as well , 250 😅 🤷♀️
@@malachiwilliams2129I don’t think that’s how the interest on the loan works
*Principal
No it’s correctly spelled.
@@retrosrobloxreviews9564 it's really not though. It's spelled "principal." Look it up.
Marked by optimism, may your smile never fade.
hey, you know the music played in this video, does anyone know the name of the music/tune because it's so lovely and very soothing to hear and I wanna listen to it in different variations only idk the name of this music
Well if you wanna know name of any music tune that is being played then simply take another cell phone and open the Google ( press on the micro phone in the search bar) and you'll notice a " search a song " click on it and play the same sound or the music audio whichever you want to know the name of and bring it close to the other cell phone and yeah that's it😊 hope it helps
ChatGPT Calculation for our problem : The calculation of loan payments over a period with a given interest rate isn't straightforward as simply adding a flat percentage. Here’s a detailed breakdown:
### Correct Calculation Using Amortization Formula
When you take a loan, the interest is typically compounded, meaning it's calculated on the remaining principal balance over time. Using the given details:
1. **Principal Amount (P):** $5000
2. **Annual Interest Rate:** 5%
3. **Loan Term:** 3 years
### Step-by-Step Calculation
1. **Monthly Interest Rate (r):**
\[ r = \frac{5\%}{12} = 0.05 / 12 = 0.004167 \]
2. **Total Number of Payments (n):**
\[ n = 3 \times 12 = 36 \]
3. **Monthly Payment Formula:**
\[ M = \frac{P \cdot r \cdot (1 + r)^n}{(1 + r)^n - 1} \]
Plugging in the values:
\[ M = \frac{5000 \cdot 0.004167 \cdot (1 + 0.004167)^{36}}{(1 + 0.004167)^{36} - 1} \]
### Monthly Payment Calculation
\[ M \approx 149.85 \]
4. **Total Amount Paid Over 3 Years:**
\[ \text{Total Amount Paid} = M \times n \]
\[ \text{Total Amount Paid} = 149.85 \times 36 \approx 5394.60 \]
### Conclusion
So, the total amount you would pay over the 3 years is approximately $5394.60, not $5750. This figure represents the principal and the interest calculated and compounded over the term of the loan.
why to pay 150 dollars monthly? EMI is about 138.88 dollars.......with interest rate of 6.94 dollars monthly
Principle divided by months? Equal pay ?
😊wonderful and clear message do you have it also in Spanish 😮 so I can send it to a friend who doesn’t know English.
Please I want you to calculate this problem for me.
A man took a personal loan of k3500 over 1 year from the bank to buy furniture.The bank calculate the fortnightly repayment of k145. The application fee is k100. How much in total will he pay the bank and what total interest has been charged?
How did you get that its 5400
Hi sir
Anees Pakistan
10q
Wait isn’t 5% interest on a $5000 loan $250 a month and then you have to times that by three years and that would be 5750$
3 year loan of $5,000, interest rate=5%, 150+ 150+150=450
5% is 250, how come 450?
It was very instructive
How 150 came?
Thankyou very helpful