Homework Answers
Answer: 77.95
Amount of loan = $ 1,500.
Monthly interest rate = 24.3 % / 12 = 2.025 % or 0.02025
n = 24
PVAD factor = [ { 1 - ( 1 / 1.02025 ) 24 } / 0.02025 ] * ( 1.02025) = 19.2424
Amount of monthly repayment = 1,500 / 19.2424 = 77.95
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