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What is the monthly payment for a loan if the amount financed is $12385, the APR is 6.9% for 5 years and the monthly payment per $100 is $2.24?

What is the monthly payment for a loan if the amount financed is $12385, the APR is 6.9% for 5 years and the monthly payment per $100 is $2.24?
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5 votes
What is the monthly payment for a loan if the amount financed is $12385, the APR is 6.9% for 5 years and the monthly payment per $100 is $2.24?

User John Yin
by
7.9k points

1 Answer

7 votes
12385=X[(((1-(1+0.069/12)^(-12*5))/(0.069/12)]
Solve for x
X=244.65
User Bickster
by
8.3k points
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