Could you please show how to get the number 0.051? Thank you!

11. Tim takes out a loan of L and agrees to pay it back in equal size month ly payments over the next 25 years. Payments of size 500 are made at the end of each month and Tim is charged an annual nominal rate of 12% compounded monthly. Over the 25 years, how much interest in total does Tim end up paying back on the loan? Give your answer rounded to the nearest whole number. Answer: Show transcribed image text Expert Answer kangaraj answered this Was this answer helpful? 4 850 answers Ans: $142,350 Repayment Month 1% of 300 period in the present value table Principal Year Interest 0.051 7650- $142,350 500 12 u6000 - 25150000