What is the monthly payment rate for a $20,000 loan for 4 years with an annual interest rate of 4. 8%?

Question

asked Sep 28, 2023 168k views

1 Answer

AsimRazaKhan · Answer 1 · 2023-10-02T17:29:03+0000

Answer:

The monthly payment rate should be $3,480.

Given that,

The monthly payment rate for a $20,000 loan for 4 years with an annual interest rate of 4.8%.

Based on the above information, the calculation is as follows:

= $3,480