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24 June, 12:34

What would the monthly payment be for a $5,000 loan with a 6.25% interest rate compounded monthly spread over 60 months?

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Answers (2)
  1. 24 June, 14:25
    0
    6770,405769

    when rounded up the answer is $6770,41
  2. 24 June, 15:15
    0
    5000=x[ (1 - (1+0.0625/12) ^ (-60)) / (0.0625/12) ]

    Solve for x

    X=97.25
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