Answer:
$271.97
Explanation:
For this question we use the PMT i.e monthly payment that is presented on the attached spreadsheet. Kindly find it below:
Data provided in the question
Given that,
Present value = $30,000
Future value = $0
Rate of interest = 4.70% ÷ 12 months = 0.391666%
NPER = 10 years × 12 months = 120 months
The formula is shown below:
= PMT(Rate;NPER;-PV;FV;type)
The present value come in negative
So, after solving this, the monthly payment is $271.97
