Calculate the APR of a loan for $10,050, including loan fees of $320, at 11.5% for...
Calculate the APR of a loan for $10,050, including loan fees of $320, at 11.5% for 3 years. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.)
Homework Answers
Loan Amount = $10,050
Timer Period = 36 months
Interest Rate = 11.5%
Calculating Monthly payment,
Using TVM Calculation,
PMT = [PV = 10,050, FV = 0, N = 36, I = 0.115/12]
PMT = $331.41
Monthly payment = $331.41
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