Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 28 Jul 2017 My Price 2.00

monthly installments

You borrow $15,000 to buy a car. The loan is to be paid off in monthly installments over five years at 12 percent interest annually. The first payment is due one month from today. If the present value of an ordinary annuity of $1 for 5 years @12% with monthly compounding is 44.955, what is the amount of each monthly payment?

a. $334

b. $456

c. $546

d. $680

Answers

Maurice Tutor
(5)
Status NEW Posted 28 Jul 2017 09:07 PM My Price 2.00

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