Loan Amount, (PV) = $500
Time Period, (N) = 12 months
APR(monthly), (I) = 14%
Future Value, (FV) = 0
Calculating Monthly Payment,
Using TVM Calculation,
PMT = [PV = 500, FV = 0, N = 12, I = 0.14/12]
PMT = $44.89
Monthly Payment on Loan = $44.89
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