Your friend is going to purchase a car and will finance it. she is borrowing $20,000 at a monthly rate of 0.50 nd will pay it of

Question

2 years ago

6

f over 5 years. what is the monthly payment?

1 answer:

stiv31 [10] · Answer 1 · 2024-01-05T10:06:52+03:00

The monthly payment is $386.67.

<h3>What is the monthly interest rate?</h3>

A monthly interest rate is simply the amount of interest charged in one month.
This does not include any other fees associated with the loan, and it does not indicate how expensive a loan is.
APR, on the other hand, is the annual percentage rate charged on a loan for a year.

So,

Therefore, the monthly payment is $386.67.

Know more about monthly interest rates here:

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