Answer:
Monthly payment = $18325.6
Step-by-step explanation:
From the question,
P = 14000
t = 4 years
R = 6.75%
To calculate the monthly payment for this loan, let's use the below formula
Amount = P( 1 + 6.75%/12)^4×12
Amount = 14000(1.005625)^48
Amount = 18325.633 dollars
Monthly payment = $18325.6
