The monthly payment to be made by Mia over such borrowings will be $1,588.
What is monthly payment?
The payments made every month to pay the loans or advances is known as a monthly payment. It is like EMI.
The total repayment of the borrowings will be $76,230 over a period of four years. Monthly payment for the same will be,
[tex]\rm Monthly\ Payment= \dfrac{Total\ Amount}{No\ of \ Payments}\\\\\rm Monthly\ Payment= \dfrac{76230}{48}\\\\\rm Monthly\ Payment= \$1588[/tex]
Hence, the monthly payment will be $1588.
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