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Please check this The monthly payment for a $15,000 loan with an APR of 24.24% for 24 months is $809.24. This includes the principal amount
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The monthly payment for a $15,000 loan with an APR of 24.24% for 24 months is $809.24. This includes the principal amount of $15,000 and $4,429.36 in interest. Here is a breakdown of the calculation: Monthly interest rate: 24.24% / 12 months = 2.02% Number of months: 24 months Monthly payment: $15,000 * (2.02% * (1 + 2.02%)^24) / ((1 + 2.02%)^24 - 1) = $809.24 Total interest paid: $809.24/month * 24 months = $19,421.76 Therefore, the total amount you will need to repay is $15,000 + $4,429.36 = $19,429.36.
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