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Repaid in equal monthly payments at the end of the month

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A commercial bank will loan you $49,514 for 5 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 17.41 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places. Please show work

Reference no: EM13957234

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Repaid in equal monthly payments at the end of the month : A commercial bank will loan you $49,514 for 5 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 17.41 percent of the unpaid balance. What is the amount of the mon..
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