if I borrow $3000 and there is a 6% interest on 36 month loan what is my monthly payment
This is a present value of an ordinary annuity.
Just use this formula, C=unknown, i=0.06/12 n=36 PV=3000
Hallo
if I borrow $3000 and there is a 6% interest on 36 month loan what is my monthly payment.
Assuming that the interest rate charged is compounded monthly, then your monthly payment will be $91.27 for 36 months.
