Eli is taking out $29520 loan for medical bills. The agreement was for a 5 year loan at 7.1% APR. What will be his monthly payment

Question

asked Jan 28, 2021 116k views

1 Answer

Ajmal Sha · Answer 1 · 2021-02-02T07:34:24+0000

Answer: $582.48

Step-by-step explanation: TVM Solver Equation

N = 60 (5 x 12 months)

I% = 7.1%

PV = $29,520

PMT = -$582.47881

FV = 0

P / Y = 12 (months)

C / Y = 12

PMT: BEGIN