You need to borrow $18,000 to buy a truck. The current loan rate is 9.9% compounded monthly
Question:
You need to borrow $18,000 to buy a truck. The current loan rate is 9.9% compounded monthly and you want to pay the loan off in equal monthly payments over five years. What is the size of your monthly payment?
a). $374.04
b). $455.66
c). $381.56
d). $394.69
e). $363.39
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The monthly payments is given by the formula of pmt in excel Mont...View the full answer
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