Answer:
$299.16
Step-by-step explanation:
Financed amount = $14452
APR = 8.9%
Period / time = 5 years
monthly payment = $100 for every $2.07
To calculate the monthly payment of a financed amount we multiply the financed amount by the ratio of the given amount paid per $100
The monthly payment would be = 14452 * 2.07/100 = 14452 * 0.0207
= $299.16 approximately
therefore the monthly payment of a financed amount of $14452 is equal to $299.16
