What is the monthly payment rate for a $20,000 loan for 4 years with an annual interest rate of 4.8%?

Question

asked Sep 23, 2022 99.6k views

1 Answer

JBuenoJr · Answer 1 · 2022-09-28T05:50:45+0000

Answer:

3840

Explanation:

Calculate your total interest by using this formula: Principal Loan Amount x Interest Rate x Time (aka Number of Years in Term) = Interest.