Question
Asked Dec 2, 2019
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The 12% add on loan is to be repaid in monthly installments over 2 years.  The amount borrowed was $5400.  How much is the monthly payment?

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Expert Answer

Step 1

Calculation of Monthly Payment:

The monthly payment is $279.

Excel Spreadsheet:

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в A 1 Amount Borrowed $5,400 2 Interest Rate 12.00% 3 Number of Years 4 Number of Periods 5 Monthly Payment 2 24 $279.00

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