Question

Obed borrowed $15,640 at 11.5% for 15 years. Use the table below to find his
monthly payment.

Answer 1

• Monthly payment is $182.68

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According to given table the amount of monthly payment per $100, when APR is 11.5% and duration of loan 15 years is the intersection of the thrid row and first column. It is 1.168.

Find the amount of monthly payment by dividing the loan amount by 100 and multiplying by the amount mentioned above:

• Monthly payment = $15640/100 * 1.168 = $182.68 (rounded to nearest cent)

Threfore the montly payment amount is $182.68.