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