A commercial bank will loan your client $408,039 for 9 years to buy a boat. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 7.13 percent of the unpaid balance compounded monthly. What is the amount of the monthly payments?

Answer rating: 100% (QA)

To calculate the amount of the monthly payments for the loan we can use the formula ... View the full answer