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3 January, 04:14

What is the monthly payment for a loan if the amount financed is $12385, the APR is 6.9% for 5 years and the monthly payment per $100 is $2.24?

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  1. 3 January, 07:54
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    12385=X[ (((1 - (1+0.069/12) ^ (-12*5)) / (0.069/12) ]

    Solve for x

    X=244.65
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