Question

Corey obtained an installment loan of $1,000. The APR is 12%. He must repay the loan in 12 months. How do I find the monthly payment

Answer 1

The monthly loan payment will be $ 93.33.

Step-by-step explanation:

Given that Corey obtained an installment loan of $ 1,000, and the APR is 12%, and I must repay the loan in 12 months, to determine how do I find the monthly payment, the following calculation must be performed:

(1000 x 1.12) / 12 = X

1120/12 = X

93,333 = X

Therefore, the monthly loan payment will be $ 93.33.