Saturday 9 June 2012

A commercial bank will loan you $7,500 for two years to buy a car.

A commercial bank will loan you $7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The annual interest rate on the loan is 12% of the unpaid balance. What is the amount of the monthly payments?
a.$282.43
b.$390.52
c.$369.82
d.$353.05
 

No comments:

Post a Comment

Note: only a member of this blog may post a comment.