109k views
5 votes
Using the following chart what is the monthly payment for a $4,000 2-year loan with an APR of 7%?

User Irokhes
by
8.2k points

1 Answer

4 votes

Answer:

The monthly payment for a $4,000 2-year loan with an APR of 7% is $179.09.

Explanation:

Loan Amount Interest Rate Monthly Payment

$1,000 5% $37.89

$1,000 6% $39.86

$1,000 7% $41.83

$1,000 8% $43.80

$1,000 9% $45.77

$2,000 5% $75.78

$2,000 6% $79.72

$2,000 7% $83.66

$2,000 8% $87.60

$2,000 9% $91.54

$3,000 5% $113.67

$3,000 6% $119.58

$3,000 7% $125.50

$3,000 8% $131.40

$3,000 9% $137.29

$4,000 5% $151.56

$4,000 6% $159.44

$4,000 7% $179.09

$4,000 8% $189.45

$4,000 9% $199.42

$5,000 5% $189.45

$5,000 6% $199.30

$5,000 7% $219.16

$5,000 8% $239.00

$5,000 9% $258.85

User DaxChen
by
7.7k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories