146k views
4 votes
The monthly payment of the installment loan. I understand how to put it in the installment loan formula, I’m not understanding how to calculate it. Please can someonebreak it down for me

The monthly payment of the installment loan. I understand how to put it in the installment-example-1
User Gabriela
by
8.0k points

1 Answer

3 votes

Answer:

$966.15 per month

Explanation:

By plugging in the principal, apr, and number of payments (36) into the formula for installment loans, we tet $966.95

5%=0.05

(0.05(1+0.05)^36/(1+0.05)^36-1)×16000

User Nata
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