## If $10,000 is borrowed at an APR of 18%, for a period of 5 years and payments are made monthly, what will be the monthly payment?

Question

If $10,000 is borrowed at an APR of 18%, for a period of 5 years and payments are made monthly, what will be the monthly payment?

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Mathematics
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2021-07-20T10:43:18+00:00
2021-07-20T10:43:18+00:00 1 Answers
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## Answers ( )

Answer:$381.29

Step-by-step explanation:10000(1+.18)5

10000(1.18)5

Amount due $22877.58

since 5 years x 12 months =60 months

monthly payment is 22877.58÷60 = $381.29