Answer: $143.34
This is a question about loan repayment, which is a common topic in financial mathematics. The formula for calculating monthly payment for a loan is:
P = [r*PV(1 + r)^n] / [(1 + r)^n - 1]
where:
- P is the monthly payment
- r is the monthly interest rate (annual rate divided by 12)
- PV is the present value, or principal amount of the loan
- n is the number of payments (or periods)
In this case, the principal amount (PA) is 11,000- the annual interest is 2.2; Answer: 143.24.