Questions: Jorge borrowed 5200 from the bank. The bank added on a finance charge of 832.00. a. What is the total amount Jorge will have to repay the bank? b. If he pays it off in 60 equal monthly payments, how much will each payment be? Round to the nearest cent. a) The total amount Jorge will have to repay the bank is (Do not round.) b) Jorge's monthly payment is (Round to the nearest cent as needed.)

Solution Steps

To solve the given problem, we need to follow these steps:

a. Calculate the total amount Jorge will have to repay by adding the finance charge to the borrowed amount. b. Determine the monthly payment by dividing the total repayment amount by the number of monthly payments.

To find the total amount Jorge will have to repay, we add the borrowed amount and the finance charge: $$\text{Total Repayment} = \text{Borrowed Amount} + \text{Finance Charge} = 5200 + 832 = 6032$$

Next, we calculate the monthly payment by dividing the total repayment amount by the number of monthly payments: $$\text{Monthly Payment} = \frac{\text{Total Repayment}}{\text{Number of Payments}} = \frac{6032}{60} \approx 100.5333$$ Rounding to the nearest cent, we have: $$\text{Monthly Payment} \approx 100.53$$

Final Answer