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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.
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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
7.1k points

1 Answer

5 votes

Answer:

The answer is

$ 836.03 monthly payments.

User Binu George
by
7.2k points
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