Find the periodic payment required to repay $21,860 over 12 years, with monthly payments at a 10% annual rate.Round to the nearest cent.
A)P = $261.24
B)P = $380.28
C)P = $221.56
D)P = $340.60
E)none of the above

Question

Quizplus · Accepted Answer

The correct answer is A because the periodic payment required to repay $21,860 over 12 years, with monthly payments at a 10% annual rate is $261.24.

Find the Periodic Payment Required to Repay $21,860 Over 12