Choose the correct monthly payment for the following loan. $12,000 loan for 2 years at 4.11% interest rate.
Question
Solution 1
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 = to Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
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