You just took a $20,000, Eight-year loan. Payments at the end of each month are flat (equal
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You just took a $20,000, Eight-year loan. Payments at the end of each month are flat (equal in every month) at an annual interest rate of 8 percent.
Calculate the monthly payment.
Provide the appropriate loan table, showing the breakdown in each month between principal repayment and interest.
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Computation of monthly Payment Given information Loan Amount 20000 Interest Rate 008 No of year 8 Monthly Payment PV 20000 I 067 n 96 PVA 28273 Hence ...View the full answer
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