paezmcp paezmcp

12-07-2021
Mathematics

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If $10,000 is borrowed at an APR of 18%, for a period of 5 years and payments are made monthly, what will be the monthly payment?

Respuesta :

Jennifer199130 Jennifer199130

12-07-2021

Answer:

$381.29

Step-by-step explanation:

10000(1+.18)5

10000(1.18)5

Amount due $22877.58

since 5 years x 12 months =60 months

monthly payment is 22877.58÷60 = $381.29

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