Cynthia wants to take out a $8500 loan with a 4.75% apr. she can afford to pay $245 per month for loan payments. how long should he borrow the money so that she can afford the monthly payment?

She should borrow the money for 3.1161... years so that she can afford the monthly payment.

Step-by-step explanation:

Monthly payment formula is:      , where

M = Monthly payment amount, P = Loan amount, r = rate of interest per month and n = total number of months.

Given that, Cynthia wants to take out a $8500 loan with a 4.75% APR and she can afford to pay $245 per month.

That means,   and

Plugging these values into the above formula, we will get........

So,

That means, she should borrow the money for 3.1161... years so that she can afford the monthly payment.

after simplifying it i got: -36.25 as my answer. hope that !

maybe i can