Question

What is the monthly payment on $13,300 financed at 7.9 percent for 4 years if the monthly payment per $100 is $2.44?

Answer 1

The monthly payment will be $ 324.52.

Explanation:

To determine what is the monthly payment on $ 13,300 financed at 7.9 percent for 4 years if the monthly payment per $ 100 is $ 2.44, the following calculations must be performed:

100 = 2.44

13,300 = X

(13,300 x 2.44) / 100 = X

32.452 / 100 = X

324.52 = X

Therefore, the monthly payment will be $ 324.52.