Question

What is the monthly payment of a financed amount of $14,452 with an APR of 8.9 percent? The term is for 5 years and the monthly payment per $100 is $2.41. $332.80 $348.29 $100.00 $241.00

Answer 1

Answer:$299.16

Explanation:

Financed amount = $14452

APR = 8.9%

Period / time = 5 years

monthly payment = $100 for every $2.07

To calculate the monthly payment of a financed amount we multiply the financed amount by the ratio of the given amount paid per $100

The monthly payment would be = 14452 * 2.07/100 = 14452 * 0.0207

= $299.16 approximately

therefore the monthly payment of a financed amount of $14452 is equal to $299.16

Answer 2

$348.29

Explanation:

The payment is calculated by multiplying the rate per hundred times the number of hundreds. The latter is found by dividing the loan amount by $100.

$2.41 × $14,452/$100 ≈ $348.29