Question

find the monthly payment fot the loan. $ 500 loan for 12 months at 13%

Answer 1

500 * 0.13 = 65

565 / 12 = ?

Answer 2

$47.08

Answer 3

[AI-generated answer — Explain Bot]

To calculate the monthly payment for a loan, you can use the formula for calculating the monthly payment on an installment loan:

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

Where:
P is the principal or loan amount ($500 in this case)
r is the monthly interest rate (13% divided by 12, or 0.13/12, which is approximately 0.0108)
n is the number of monthly payments (12 in this case)

Now, let's plug in the values and calculate the monthly payment:

Monthly Payment = (500 * 0.0108 * (1 + 0.0108)^12) / ((1 + 0.0108)^12 - 1)

Calculating this equation will give us the monthly payment for the loan.