Question

ABC company takes a loan of $52,000 with the terms of 3% APR for 36 months. Monthly payments on this loan are equal to----------------

Select one:

$1512.22

$1965.89

$1814.67

$1663.45

Answer 1

Loan amount = $52,000

Calculating the Monthly Loan Payment amount:-

Where, P = Loan amount = $52,000

r = Periodic Interest rate = 3% /12 = 0.25%

n= no of periods = 36 months

Monthly Payment = $1512.22

Option 1

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