Thread: Bad loan payment

Find the monthly payments on a $2400 loan made for 18 months at 12% interest ate. My answer is $149.33, is this right. thanks for checking

Originally Posted by kwtolley

Find the monthly payments on a $2400 loan made for 18 months at 12% interest ate. My answer is $149.33, is this right. thanks for checking

Using that PVIFA table, i get $146.36 using 18 periods (months) at 1% interest per period. The PVIFA table is not exact, but pretty close.