You wish to buy a $5,000 dining room set. the furniture store offers you a 2 year loan with a 12 percent apr. what are the month
ly payments? $185.37 $208.33 $233.04 $235.37
1 answer:
Monthly rate = 12/1,200 = .01
Monthly pmt = (rate + [rate /(1+rate)^months -1]) * principal
Monthly pmt = (.01 + [.01 / ((1.01)^24 -1)]) * 5,000
Monthly pmt = (.01 + [.01 / <span>.2697346485]) * 5,000
</span> <span>Monthly pmt = (.01 + 0.0370734722) * 5,000
</span><span>Monthly pmt = 0.0470734722 * 5,000
</span><span>Monthly pmt = 235.37
and a calculator to test the answer
http://1728.org/calcloan.htm
</span>
Monthly pmt = (rate + [rate /(1+rate)^months -1]) * principal
Monthly pmt = (.01 + [.01 / ((1.01)^24 -1)]) * 5,000
Monthly pmt = (.01 + [.01 / <span>.2697346485]) * 5,000
</span> <span>Monthly pmt = (.01 + 0.0370734722) * 5,000
</span><span>Monthly pmt = 0.0470734722 * 5,000
</span><span>Monthly pmt = 235.37
and a calculator to test the answer
http://1728.org/calcloan.htm
</span>
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