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Find the monthly payment for the loan. (Round your answer to the nearest cent.) $500 loan for 12 months at 14%

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Answer #1

Loan Amount, (PV) = $500

Time Period, (N) = 12 months

APR(monthly), (I) = 14%

Future Value, (FV) = 0

Calculating Monthly Payment,

Using TVM Calculation,

PMT = [PV = 500, FV = 0, N = 12, I = 0.14/12]

PMT = $44.89

Monthly Payment on Loan = $44.89

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