Would someone be able to solve this question using the engineering economics equations? Mr.John purchases a car for 25,000 and finances his purchase by borrowing the money at 8% per year, compounded monthly. He pays off the loan with equal monthly payments for 5 years. What will the size of his monthly loan payment?

Answer rating: 100% (QA)

to find the size of Mr Johns monthly loan payment 1 Identify the relevant ... View the full answer