If $10,000 is borrowed at an APR of 18%, for a period of 5 years and payments are made monthly, what will be the monthly payment?

Answer 1

10000(1+.18)⁵

10000(1.18)⁵

Amount due $22877.58

^{since 5 years x 12 months =60 months}

monthly payment is 22877.58÷60

^$381.29