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On July 1, you borrowed $2,846 intending to pay it over 6 months (Dec 31) at an APR of 6% through six equal monthly payments
On July 1, you borrowed $2,846 intending to pay it over 6 months (Dec 31) at an APR of 6% through six equal monthly payments and the end of each of month. Today is September 30 (end of the third month from the date of borrowing). You received a windfall (unexpected cash inflow) today and you decide to pay the third monthly payment and the rest of the outstanding loan today and clear the debt. How much cash outflow should you expect today?
Report a number with 2 decimals.
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