Question

What's the monthly payment for a $3,000 five-year loan with an APR of 9%?

Answer 1

The monthly payment is $1,350 a month.

Step-by-step explanation:

We have the principal, rate, and time, so we need to find the interest.

First we multiply the principal, $3,000, by the rate, 9%.

$3,000 × 0.09 = 270

Then multiply P×R by the time.

270 × 5 = $1,350