The monthly interest payment is calculated using the formula:
\[ MP = \frac{L \cdot I}{100 \cdot 12} \]
Where:
Let's assume the following values:
Step 1: Substitute the values into the formula:
\[ MP = \frac{10000 \cdot 5}{100 \cdot 12} = \frac{50000}{1200} \approx 41.67 \]
So, the monthly interest payment would be $41.67.
