What is the monthly payment for a loan if the amount to finance is $12,385, the apr is 6.9 percent for 5 years and the monthly payment per $100 is $2.44?

The monthly payment is $244.65.

Step-by-step explanation:

The EMI formula is:

Here p = 12385

r =

n =

Putting the values in formula we get,

=>

= $244.65

And if we see, this is $2.44 per $100.

So, the monthly payment is $244.65.

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