Bogisich

To calculate the monthly payment for an 18000 dollar loan you multiply 18 by the table value of 22.13 which equals $398.34 To find the total cost of borrowing you then multiply this monthly payment by the 48 months in the 4 year term to get a final total of $19120.32

To find the monthly interest payment you first divide the 18% annual interest rate by 12 to get a monthly rate of 1.5%. Then you multiply your average balance of $600 by 0.015 to calculate the final amount. The resulting monthly interest payment is $9