find the final monthly payment required to pay off a loan with $1800 remaining principal and an 8% annual…

find the final monthly payment required to pay off a loan with $1800 remaining principal and an 8% annual interest rate. $? round to the nearest cent.

find the final monthly payment required to pay off a loan with $1800 remaining principal and an 8% annual interest rate. $? round to the nearest cent.

Answer

Answer:

$192.00

Explanation:

Step1: Calculate monthly interest rate

$r=\frac{8%}{12}=\frac{0.08}{12}$

Step2: Calculate final monthly payment

$P = 1800\times(1 + r)=1800\times(1+\frac{0.08}{12})\approx192.00$