In order to buy a car, you borrow $31,500 from a friend at 9%/year compounded monthly...

In order to buy a car, you borrow $31,500 from a friend at 9%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments.

How much interest is in the 23rd payment? $enter a dollar amount

Expert Solution

The answer is 138.41

calc:

jeff jeffy answered 2 years ago

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In order to buy a car, you borrow $31,500 from a friend at 9%/year compounded monthly...

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