For an amortized loan, you are given the loan, annual interest rate, and length of the loan. Find the monthly payment necessary to pay off the loan. Do not round until the final answer. Then, round to the nearest cent.

amount: $9,000; rate: 9.6%; time: 3 years

A
$286.13

B
$298.74

C
$285.49

D
$288.72

Question

For an amortized loan, you are given the loan, annual interest rate, and length of the loan. Find the monthly payment necessary to pay off the loan. Do not round until the final answer. Then, round to the nearest cent.

amount: $9,000; rate: 9.6%; time: 3 years

A
$286.13

B
$298.74

C
$285.49

D
$288.72

anonymous · Answer

Do you know which formula to apply?