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Answer:$441.58Step-by-step explanation:Step 1: Convert the annual interest rate to a monthly interest rate.The annual interest rate (APR) is 4.5%, so divide this by 12 to get the monthly interest rate.i= 12APR​ = 120.045​ =0.00375Step 2: Apply the loan amortization formula.The formula to calculate the monthly payment (M) is:M=P (1+i) n −1i(1+i) n ​ Where: M = Monthly Payment P = Principal loan amount 26,000)$i = Monthly interest rate (0.00375) n = Number of months (60)Step 3: Plug in the values and calculate.M=26000⋅ (1+0.00375) 60 −10.00375(1+0.00375) 60 ​ M=26000⋅ (1.00375) 60 −10.00375(1.00375) 60 ​ Step 4: Calculate (1.00375) 60 .(1.00375) 60 ≈1.283359Step 5: Substitute this value back into the formula.M=26000⋅ 1.283359−10.00375⋅1.283359​ M=26000⋅ 0.2833590.0048126​ M=26000⋅0.016984M≈441.58

Answered by huh098e | 2025-08-16