Tracy is borrowing $10,800 on a six-year, 15%, add-on interest loan. What will Tracy's monthly payments...

Question

Question

Tracy is borrowing $10,800 on a six-year, 15%, add-on interest loan. What will Tracy's monthly payments be?

business finance

Answer 1

Answer #1

Interest on Loan = 10,800(0.15)(6) = $9,720

Total Payment = 10,800 + 9,720 = $20,520

Monthly Payment = 20,520/72 = $285

Answer 2

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