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Ryan
Ryan, Engineer
Category: Math Homework
Satisfied Customers: 8913
Experience:  B.S. in Civil Engineering
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A loan of $8000 is to be repaid with monthly payments for

Customer Question

A loan of $8000 is to be repaid with monthly payments for three years at 12% interest compounded monthly. Calculate the monthly payment.
JA: The Math Tutor can help you get an A on your homework or ace your next test. Tell me more about what you need help with so we can help you best.
Customer: A loan of $8000 is to be repaid with monthly payments for three years at 12% interest compounded monthly. Calculate the monthly payment.
JA: Is there anything else important you think the Math Tutor should know?
Customer: A loan of $8000 is to be repaid with monthly payments for three years at 12% interest compounded monthly. Calculate the monthly payment.
Submitted: 3 months ago.
Category: Math Homework
Expert:  Ryan replied 3 months ago.

Hi,

Thank you for using the site.

The monthly payment would be $265.71.

Please feel free to ask if you need to see the calculation details.

Thanks,

Ryan

Customer: replied 3 months ago.
please show work
Expert:  Ryan replied 3 months ago.

Ok, coming right up.

Expert:  Ryan replied 3 months ago.

Here is a link to the solution:

Loan

Clicking on the above link should take you to a page where you can download the solution as a Word document. Please ignore any ads or other prompts that suggest that you need to download a "helper application" or any other kind of program. You should be able to download just the Word file.

Thanks,

Ryan