Calculate the total payback for a $3,500 loan at 8% annual interest with monthly payments for two years. show all of your steps. use the formula, m = pm(1 + m)^na/(1 + m)^na - 1, as needed.

The total payback after 2 years is $3799.20.

Given

An amount of $3,500 loan at 8% annual interest with monthly payments for two years.

The formula is used to total payback is;

Where M is the monthly payment, m is the monthly interest rate, n is 12, and a is the number of years.

Substitute all the values in the formula;

Therefore,

The total payback will be;

Hence, the total payback after 2 years is $3799.20.

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  $3,799.20

Step-by-step explanation:

We presume your formula is intended to be ...

  M = Pm(1 + m)^(na)/((1 + m)^(na) - 1)

where M is the monthly payment, m is the monthly interest rate, n is 12, and a is the number of years.

This formula gives ...

  M = 3500·(.08/12)·(1 + (.08/12))^(12·2)/((1 + (.08/12))^(12·2) -1) ≈ 158.30

The total payback will be the sum of 24 of these payments:

 payback = 24×$158.30 = $3,799.20

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step-by-step explanation: