You borrow $10,000 at 12% annual interest for 5 years to purchase a car. Using the payment formula, with a principal (P) of $10,000, an interest rate (i) of 0.12 or 12%, and a term (n) of 5 years, the monthly payments for the loan can be calculated.
You borrow $10,000 at 12% annual interest for 5 years to purchase a car. Using the payment formula, with a principal (P) of $10,000, an interest rate (i) of 0.12 or 12%, and a term (n) of 5 years, the monthly payments for the loan can be calculated.
You borrow $10,000 at 12% annual interest for 5 years to purchase a car. Using the payment formula, with a principal (P) of $10,000, an interest rate (i) of 0.12 or 12%, and a term (n) of 5 years, the monthly payments for the loan can be calculated.