Respuesta :

The computation of the interest illustrates that the monthly payment is $466.67.

How to calculate the monthly payment?

Firstly, the simple interest will be;

= (20000 × 5 × 8%)

= 8000

Total amount to be repaid:

= $20000 + $8000

= $28000

Monthly payment will be:

= $28000/5 years

= 28000/(5 × 12)

= 28000/60

= $466.67

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