Mark has borrowed $18381 to finance the purchase a second hand car. The loan is to be repaid over five years with monthly payments. Interest on the loan is charged monthly at 8.8% p.a. How much will each payment be, if Mark makes the first payment right away, on the day the car is delivered?

(Give your answer to the nearest cent, omitting the dollar sign.)

Answer rating: 100% (QA)

To calculate the monthly payment for Marks loan we can use the formu... View the full answer