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.
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
4 answers
A? It wasn’t exact number but it was the closest
correct, if you use all the digits that you can hold in your calculator's memory, you will get it exactly to the cent.
69
1 answer