How would I go about doing this on a calculator? Principle payment per month is...
60.1K
Verified Solution
Link Copied!
Question
Finance
How would I go about doing this on a calculator? Principle payment per month is 20000/48=416.67
Your company takes out a $20,000 equal principal loan over 4 years. The rate is 9% APR compounded monthly. What is the interest payment and total payment in Month 13? Interest Payment $300, Total Payment $4700 Interest Payment $112.50, Total Payment $529.17 Interest Payment $150.00, Total Payment $566.67 Interest Payment $111.93, Total Payment $534.98
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
How would I go about doing this on a calculator? Principle payment per month is 20000/48=416.67