Mr fam has a 24month car loan of $24,00 at 12% interest rate per annum. What is the monthly loan repayment.

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Originally Posted by 1eminent

Mr fam has a 24month car loan of $24,00 at 12% interest rate per annum. What is the monthly loan repayment.

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We don't help with homework but we will correct your answer (after you get to it) if it is wrong.

What is your answer?

This is simple annuity question.
I don't know looks like there is a typo is it 2400 or 24000 car loan.
If you are using financial calculator here are your inputs.

I/Y 12
P/Y 12
C/Y 1
PV 2400 or 24000
FV 0
CPT PMNT
N 24

If you even want to solve using formula let me know I can tell you which formula to use.