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Math Help - Bad loan payment

  1. #1
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    Question 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
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  2. #2
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    Quote 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.
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