Question

Ellis Klein borrows $2,000 at an annual interest rate of 7.2% for two years. Calculate his monthly payments

Answer 1

see answer in attached file,,,,,2000*7.20%=144
for two year so 144*2=288
principal with interest in two years......288+2000=2,200
for one month divide by 12......2,288/12= 190.67 per month with interest