68.9k views
1 vote
If you were to borrow $8,000 over five years at 0.11 compounded monthly, what would be your monthly payment?

User Nelida
by
6.7k points

1 Answer

4 votes
8000 divide by 5 =1600
0.11x8000=880
1600+880
2480
User Bassem
by
7.0k points