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

If you were to borrow $8,000 over five years at 0.11 compounded monthly, what would be your monthly payment?
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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
8.1k points

1 Answer

4 votes
8000 divide by 5 =1600
0.11x8000=880
1600+880
2480
User Bassem
by
8.3k points
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