How Much Is Janet Going To Pay Every Month On This Loan?

 To calculate Janet's monthly payment on a loan, we need to know a few key pieces of information:

1. The principal amount of the loan (the initial amount borrowed).
2. The interest rate on the loan (the annual interest rate).
3. The loan term (the number of months or years over which the loan will be repaid).

With this information, we can use a loan payment formula to determine the monthly payment. The most common formula used for this calculation is the formula for an amortizing loan:

$𝑀=\frac{𝑃\cdot 𝑟\cdot (1+𝑟{)}^{𝑛}}{(1+𝑟{)}^{𝑛}-1}$

Where:

• $𝑀$ = Monthly payment
• $𝑃$ = Principal amount of the loan
• $𝑟$ = Monthly interest rate (annual interest rate divided by 12)
• $𝑛$ = Total number of payments (loan term in months)

Once we have the values for $𝑃$, $𝑟$, and $𝑛$, we can plug them into the formula to find the monthly payment amount.

For example, if Janet borrows $10,000 at an annual interest rate of 5% for a loan term of 5 years (60 months), we can calculate her monthly payment:

$𝑃=\mathrm{\$}10,000$ $𝑟=\frac{5\mathrm{\%}}{12}=0.05\mathrm{/}12$ $𝑛=5\text{ years}\times 12\text{ months/year}=60\text{ months}$

Now, we plug these values into the formula:

$𝑀=\frac{\mathrm{\$}10,000\cdot 0.05\mathrm{/}12\cdot (1+0.05\mathrm{/}12{)}^{60}}{(1+0.05\mathrm{/}12{)}^{60}-1}$

After computing this expression, you would find the monthly payment Janet needs to make on her loan. If you provide the values for $𝑃$, $𝑟$, and $𝑛$, I can perform the calculation for you.