math -interest

Find the monthly payment for the loan. (Round your answer to the nearest cent.)
$400 loan for 12 months at 14%

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  1. i = .14/12 = .0116666...
    n = 12

    400 = payment (1 - 1.011666...^-12)/.01166..
    I get payment = 35.91

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    posted by Reiny
  2. (400 * 1.14)/12 = 38

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