SOLUTION: 21. Maybank will loan you RM7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The annual interest rate on the loan is 12% of the unpaid balanc

Question 1172319: 21. Maybank will loan you RM7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The annual interest rate on the loan is 12% of the unpaid balance. What is the amount of the monthly payments?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Payment=Loan/Discount factor
Discount factor here is (1+.01)^24-1/(0.01*1.01^24). The .10 is r/12, the monthly rate (r/n), and the 24 is the number of payments.
round at the end
The discount factor is 21.2433
the loan is 7500
The monthly payment is $353.05
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