Question

The best interest rate for a borrower on a $5,000 loan for 5 years is:

Answer 1

the answer is $83.40

Answer 2

So, $83.40 should be paid monthly

Explanation:

5000 divided by 5 = 1000

1000 should be paid yearly

1000 divided by 12 = 83.40

12 represents the number of months in a year.