If you were to borrow 9100 over five years at 012 compounded

If you were to borrow $9,100 over five years at 0.12 compounded monthly, what would be your monthly payment?

Monthly Payment = Amount borrowed /Present Value of annuity of 1 = $ 9,100 / 44.9550 = $ 202.42 Working: Present Value of annuity of 1 = (1-(1+i)^-n)/i Where, = (1-(1+0.01)^-60)/0.01 i 0.12/12 = 0.01 = 44.9550 n 5*12 = 60