Question 1190580
<font color=black size=3>
L = loan amount
P = payment per month = 200
i = interest rate per month = 0.02/12 = 0.00166667 approximately
n = number of months = 12*5 = 60


L = P*(1-(1+i)^(-n))/i ....... present value of annuity formula
L = 200*(1-(1+0.00166667)^(-60))/0.00166667
L = 11,410.4699873413
L = 11,410.47


Here's a calculator to check your work
<a href = "https://www.calculatorsoup.com/calculators/financial/how-much-loan-can-i-afford.php">https://www.calculatorsoup.com/calculators/financial/how-much-loan-can-i-afford.php</a>



Answer: $11,410.47
</font>