What would be the monthly payment if you borrowed $25,000 for five years at 6% annual interest?

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This question is part of a full practice quiz:
Business Mathematics DSST Practice Test 1 — practice the complete quiz, review flashcards, or try a random question.

The Business Mathematics DSST covers what you would learn during a single semester of a Business Math college class.

The DSST Business Mathematics exam covers the following topics:

Number sense
Algebraic Concepts
Statistics
Business Applications
Financial Mathematics.

The Business Applications section comprises 50% of the exam questions, including topics such as index numbers, interest, depreciation, taxes, cost calculations, investment performance measures, and cost minimization, among others.


What would be the monthly payment if you borrowed $25,000 for five years at 6% annual interest?