Asked by Ajsjdjdjjd

A loan for $2000 is paid back over a period of 5 years. The interest rate is 5% compounded monthly. Determine the monthly payment.

A) 37.74
B) 43.90
C) 41.76
D) 42.18
Answered by Reiny
i = .05/12 = .0041666.. (keep it in your calculator, don't round off)
n = 60

paym( 1 - (1.04166...)^-60)/ ..041666... = 2000

solve for paym
let me know what you got.
Answered by Ajsjdjdjjd
A? It wasn’t exact number but it was the closest
Answered by Reiny
correct, if you use all the digits that you can hold in your calculator's memory, you will get it exactly to the cent.
Answered by john wick
69
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