Answer:
monthly payment = $56.445
Step-by-step explanation:
given data
loan = $5000
interest rate r = 5.3 % = 0.053
time t = 2 year = 24 months
solution
we will use here amount of the monthly payments formula that is
monthly payment = principal × [tex]\frac{r}{1+(1-r)^{-t}}[/tex] ................1
put here value and we get
monthly payment = 5000 × [tex]\frac{0.053}{1+(1-0.053)^{-24}}\\[/tex]
monthly payment = $56.445
