Find the monthly payment for the loan. (Round your answer to the nearest cent.)

$400 loan for 12 months at 14%

I = PRT

Add the interest to the loan and divide by 12.

To find the monthly payment for a loan, you can use the formula for calculating the fixed monthly payment on an installment loan. The formula is:

M = P * (r / (1 - (1 + r)^(-n)))

Where:
M is the monthly payment
P is the loan amount
r is the monthly interest rate (annual interest rate divided by 12)
n is the total number of payments (loan term in months)

In this case, the loan amount (P) is $400, the loan term (n) is 12 months, and the annual interest rate is 14%.

First, calculate the monthly interest rate (r) by dividing the annual interest rate by 12:
r = 14% / 12 = 0.14 / 12 = 0.0117

Next, substitute the values into the formula:
M = $400 * (0.0117 / (1 - (1 + 0.0117)^(-12)))

Now, calculate the part inside the parentheses:
(1 + 0.0117)^(-12) ≈ 0.886

Substitute this value back into the formula:
M = $400 * (0.0117 / (1 - 0.886))
M = $400 * (0.0117 / 0.114)
M ≈ $400 * 0.1026
M ≈ $41.04

Therefore, the monthly payment for the $400 loan, with a 14% interest rate, and a term of 12 months is approximately $41.04.