Asked by Jasmine
'if I borrowed 1380 for 15 months at 13%APR what will be her monthly payment
Answers
Answered by
Reiny
I will assume you are using compound interest and the monthly rate is .13/12 or
i = .0108333...
n = 15
payment = p
p( 1 - 1..0108333..^-15)/.0108333... = 1380
I get p = 100.17
i = .0108333...
n = 15
payment = p
p( 1 - 1..0108333..^-15)/.0108333... = 1380
I get p = 100.17
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