Register

You decide to purchase a Ferrari 488. The bank agrees to give you $245,000 loan with a 2% simple interest rate for 12 years. How much will you owe back to the bank? You have 15 …

You decide to purchase a Ferrari 488. The bank agrees to give you $245,000 loan with a 2% simple interest rate for 12 years. How much will you owe back to the bank? You have 15 …
41.1k views
24 votes
You decide to purchase a Ferrari 488. The bank agrees to give you $245,000 loan with a 2% simple

interest rate for 12 years.
How much will you owe back to the bank?
You have 15 years to payback the loan. How much will your monthly payments?

User Patrick Kelleter
by
7.9k points

1 Answer

5 votes

Answer:

The answer is

$ 836.03 monthly payments.

User Binu George
by
7.9k points
← Prev Question Next Question →

Related questions

Ask a Question
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

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!