You borrow $20,000 to buy a boat. The loan is to be paid off in monthly installments over one year at 18% interest annually. The first payment is due one month from today. What is the amount of each monthly payment

Monthly payment = $1,833.599

Explanation:

Loan amortization is a method of loan repayment where a series of equal amount is used to offset the principal and the interest due on a loan contract.

The monthly equal amount = loan amount/annuity factor

Annuity factor = 1- (1+r)^(-n))/r

r- monthly interest rate = 18%/12 = 1.5%

n- number of months = 12 months

Annuity factor = (1-(1.015)^(-12))/0.05

                    =  10.9075

Monthly payment = 20,000/10.90750521

                            =1,833.599

Monthly payment =$1,833.599

answer: most likely c

explanation:

if it is for a job, then you should learn everything you can about the job, like what does it involve, what qualification is required and how you are the right person for that job. dress appropriately for the interview. get plenty of rest the night before. good luck!