What is my amortized payment if I pay off a $15,000 loan in 48 months by making
ID: 2796337 • Letter: W
Question
What is my amortized payment if I pay off a $15,000 loan in 48 months by making equal monthly payments if the lender is charging 4.5% APR ? (Assume a 360-day calendar )A) $399.01 B) $401.22 C) $342.05 D) $376.64 What is my amortized payment if I pay off a $15,000 loan in 48 months by making equal monthly payments if the lender is charging 4.5% APR ? (Assume a 360-day calendar )
A) $399.01 B) $401.22 C) $342.05 D) $376.64
A) $399.01 B) $401.22 C) $342.05 D) $376.64 A) $399.01 B) $401.22 C) $342.05 D) $376.64
Explanation / Answer
payment
=15000/((1-(1+(4.5%/12))^(-48))/(4.5%/12))
=342.05
the above is the answer based on data.....