Question

John takes a small business loan

Answer 1

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Answer:

  $341.75

Step-by-step explanation:

You have not provided the formula, so we'll use one we like:

  A = P(r/12)/(1 -(1 +r/12)^(-n)) . . . . principal P, annual rate r, n months

  A = $18,000(0.0525/12)/(1 -(1 +0.0525/12)^-60) ≈ $341.75

The monthly payment is about $341.75.