Determine the monthly payments on a 35 month loan 28,000 at 8.1% compounded monthly
Added by Leslie D.
Step 1
First, we need to find the monthly interest rate. Since the annual interest rate is 8.1%, we can divide it by 12 to get the monthly interest rate: Monthly interest rate = (8.1% / 12) / 100 = 0.081 / 12 = 0.00675 Show more…
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