Choose the correct monthly payment for the following loan. $12,000 loan for 2 years at 4.11% interest rate.

To calculate the monthly payment for a loan, you can use the formula for calculating the monthly payment for an installment loan, which is:

P = [r*PV] / [1 - (1 + r)^-n]

Where: P = monthly payment r = monthly interest rate (annual rate / 12) PV = present value, i.e., the amount of the loan n = total number of payments (or periods)

In this case, the loan amount (PV) is $12,000, the annual interest rate is 4.11%, so the monthly interest rate (r) is 4.11% / 12 = 0.3425%, and the loan term is 2 years, so the number of monthly payments (n) is 2 * 12 = 24 months.

Substituting these values into the formula gives:

P = [0.003425 * $12,000] / [1 - (1 + 0.003425)^-24] P =$40.95 / 0.8535 P = $47.97

So, the correct monthly payment for the loan is approximately $47.97.