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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Diễm Thu 1 week 2021-07-20T10:43:18+00:00 1 Answers 3 views 0

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    2021-07-20T10:44:55+00:00

    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

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