1: Find the monthly payment for the loan. (Round your answer to the nearest cent.) $100 loan for 12 months at 13% Solution Loan Amount($):100 Annual Interest Rate(%):13 Based on your input, your Monthly Payment Amount is ($):8.93 and your Total Borrowing Cost is ($):7.16.

1. 1: Find the monthly payment for the loan. (Round your answer to the nearest cent.) $100 loan for
12 months at 13%
Solution
Loan Amount($):100 Annual Interest Rate(%):13 Based on your input, your Monthly Payment
Amount is ($):8.93 and your Total Borrowing Cost is ($):7.16