Question

HELP




Ellis Klein borrows $2,000 at an annual interest rate of 7.2% for two years. Calculate his monthly payments. M=Pm(1+m)na(1+m)na−1

Answer 1

M=2,000÷((1−(1+0.072÷12)^(−12
×2))÷(0.072÷12))
M=89.73