What is the meaning of a loan
2 answers:
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The formula for calculating the uniform monthly payments is as follows:
where
P=amount borrowed=6000
i=monthly interest, equals APR/12=0.06/12=0.005
n=number of periods/months (number of years * 12)=5*12=60
Here, substituting numerical values,
=$115.997
=$116.00 (to the nearest cent)
where
P=amount borrowed=6000
i=monthly interest, equals APR/12=0.06/12=0.005
n=number of periods/months (number of years * 12)=5*12=60
Here, substituting numerical values,
=$115.997
=$116.00 (to the nearest cent)