Sherry borrows $10,000 to purchase a car. The loan
contract specified a rate of 6%, compounded monthly. The
amortization period was set at 8 years, with payments made monthly.
What would be Sherry’s loan balance after 15
months?
$1,904
$5,621
$8,029
$8,735
The answer is $8,735, but I would like to know the steps to get
the answer.