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2 answers:
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Jeanne has $14800, 3 and half year loan with a high APR of 8.57 due to her less-than-average credit rating. What is the monthly payment for this loan?
Answer:
$409.57
Step-by-step explanation:
The formula for loan payment is given by:
pv = present value
r = rate per period
n = number of periods
Loan period is 3 and half years
for monthly payments, number of periods is (3 and half years) x 12 months
= 3.5 x 12 months = 42 months
Annual Payment Rate = 8.57 percent = 8.57/100 =0.0857
Rate per month = Annual Payment Rate /12 months
= 0.0857/ 12 = 0.00714
P =
= = $409.57