Eli is taking out $29520 loan for medical bills. The agreement was for a 5 year loan at 7.1% APR. What will be his monthly payment

Question

Eli is taking out $29520 loan for medical bills. The agreement was for a 5 year loan at 7.1% APR. What will be his monthly payment

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Josephine 3 weeks 2021-09-07T18:48:57+00:00 1 Answer 0

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    2021-09-07T18:50:26+00:00

    Answer: $582.48

    Step-by-step explanation: TVM Solver Equation

    N = 60 (5 x 12 months)

    I% = 7.1%

    PV = $29,520

    PMT = -$582.47881

    FV = 0

    P / Y = 12 (months)

    C / Y = 12

    PMT: BEGIN  

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