Question

What is the monthly payment of a financed amount the $14452 with an APR of 8.9% for 5 years and the monthly payment is $100 for every $2.07

Answer 1

$299.16

Explanation:

Financed amount = $14452

APR = 8.9%

Period / time = 5 years

monthly payment = $100 for every $2.07

To calculate the monthly payment of a financed amount we multiply the financed amount by the ratio of the given amount paid per $100

The monthly payment would be = 14452 * 2.07/100 = 14452 * 0.0207

= $299.16 approximately

therefore the monthly payment of a financed amount of $14452 is equal to $299.16