Question

what is the monthly payment for a loan if the amount to finance is 12,385, the APR is 6.9 percent for 5 years and the monthly payment per $100 is $2.24

Answer 1

Answer:$277.42

Step-by-step explanation:

12,385 divided by 100 = 123.85 multiply by 2.24 = 277.42 that is your answer.

Answer 2

$12,385 APR = 6.9% 5 years= $864.565 monthly payment per $100 is $2.44 $12,385 + $864.565 =$13,222.565/60 =$220.37+ $2.44(2) =$225.25 Monthly