James borrows 60000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly. Calculate the monthly payment that James would have to make in order for the loan to be

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question

asked Nov 10, 2023 151k views

14 votes

James borrows 60000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly.

Calculate the monthly payment that James would have to make in order for the loan to be paid off after exactly 20 years.

Mathematics
high-school

Ward Segers asked

by Ward Segers

5.4k points

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

11 votes

Answer:

$395.97

Explanation:

Vincent Cohen answered Nov 14, 2023

by Vincent Cohen

4.6k points

0 Comments

Please log in or register to add a comment.

Ask a Question

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

5.1m questions

6.7m answers

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

0 Comments

Please log in or register to add a comment.

Other Questions