What would be the monthly payment on a $10 000 loan carrying annual interest of nine percent for five years?

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The monthly payment can be calculated using the formula:P = (r * PV) / (1 - (1 + r)^(-n))where:P is the monthly paymentr is the monthly interest rate (annual interest rate / 12)PV is the present value of the loann is the number of monthsIn this case, the annual interest rate is 9%, so the monthly interest rate is 9% / 12 = 0.75%. The present value of the loan is $10,000. The number of months is 5 years * 12 months/year = 60 months.Plugging these values into the formula, we get:P = (0.0075 * 10000) / (1 - (1 + 0.0075)^(-60))= $205.88Therefore, the monthly payment on the loan would be $205.88.

What Would Be the Monthly Payment on a $10 000