Question

You borrow $10000 from the credit union at 12% interest to buy a car. If you pay off the car in 5 years, what will your monthly payment be? $449.55 $222 $2060 $1201 None of these responses is correct

Answer 1

Explanation:

10,000 x 12% = 1,200

10,000 + 1,200 = 11,200

There are 60 months in 5 years

11,200 ÷ 60 = $186.67

None of these responses is correct