Question

Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 7% and the term is for 5 years.

What is the monthly payment amount?

$2,100

$535

$420

$6,420

Answer 1

$21,000

Step-by-step explanation:

Answer 2

$535. $30,000 divided by 60 months (five years is $500 per month. 500 x interest rate of 7% is $35.00. Therefore, $535 is the correct answer.