Asked by Courtney Mendez on May 08, 2024
Verified
Trey is taking out a loan for $85,000.It is a 20-year loan with an APR of 5.85% What will his monthly payment be?
APR
APR, or Annual Percentage Rate, represents the yearly interest rate charged on borrowed money, encompassing both the nominal rate and additional costs associated with the loan.
- Determine the overall payments and interest charges for loans and installment schemes.
Verified Answer
ST
Learning Objectives
- Determine the overall payments and interest charges for loans and installment schemes.