Math

A loan for $2000 is paid back over a period of 5 years. The interest rate is 5% compounded monthly. Determine the monthly payment.

A) 37.74
B) 43.90
C) 41.76
D) 42.18

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  1. i = .05/12 = .0041666.. (keep it in your calculator, don't round off)
    n = 60

    paym( 1 - (1.04166...)^-60)/ ..041666... = 2000

    solve for paym
    let me know what you got.

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  2. A? It wasn’t exact number but it was the closest

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  3. correct, if you use all the digits that you can hold in your calculator's memory, you will get it exactly to the cent.

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  4. Ok thanks

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