- Nick will borrow $8700 at 13.5% APR. He will pay it back over 5 years.

What will his monthly payment be?

His monthly payment will be .

Step-by-step explanation:

Given that,

Amount borrowed by Nick is .

Rate of interest per Annum is .

Time taken by Nick to Pay it back is .

To find:-  What will his monthly payment be ?

So, , &

Here, Amount to be paid after will be,

Then,

Amount should be paid in a month for next    would be  .                                                  

                                                                                         {} Therefore,

His monthly payment will be

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step-by-step explanation:

i hope this : )

7,24

step-by-step explanation: