Ask a New Question

Suppose you borrow $5,000 and make 12 equal payments to retire the debt. If the finance charge for the loan is $400, what will the amount of each monthly payment be?

1 answer

5,400 / 12 =

Similar Questions

Suppose you borrow $12,000, which you must pay back in 30 equal monthly payments, each of which includes a .8% interest charge
1. 1 answer
Construct a schedule for the amortization of:(a) a debt of $15,000,000 with interest at 12% by 5 equal annual payments. (b) a
1. 0 answers
Construct a schedule for the amortization of:(a) a debt of $15,000,000 with interest at 12% by 5 equal annual payments. (b) a
1. 1 answer
Jesper Parnevik borrowed $70,000 on March 1, 2012. This amount plus accrued interest at 12% compounded semiannually is to be
1. 1 answer

more similar questions