SOLUTION: Jeffery borrows 8'000 for five years at 5.5% compounded monthly what is his monthly payment ?

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Question 1063549: Jeffery borrows 8'000 for five years at 5.5% compounded monthly what is his monthly payment ?
Found 2 solutions by jorel1380, MathTherapy:
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
.055/12=0.004583333 monthly interest
Principal of 8000 x 60 compounding periods=8000(1.004583333)^60=10525.63 total payments.
10525.63/60=$175.43 monthly payment. ☺☺☺☺

Answer by MathTherapy(10556) About Me  (Show Source):
You can put this solution on YOUR website!

Jeffery borrows 8'000 for five years at 5.5% compounded monthly what is his monthly payment ?
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