Question

ats
Brendon Walsh wants to borrow $40,000 from the bank. The interest rate is 6% and the term is for 5 years.
What is the monthly payment amount?
O $1,800
O $6,360
O $530
O $360

Answer 1

Answer:

Step-by-step explanation:

40000/100=400 which is 1% so 6% is 2400, but it's 5 years so 2400*5=12000. 40000+12000=52000 I do not know what you mean by monthly payment amount. But Brendon has to pay 52000 back to the bank. Please tell me what monthly payment amount mean!