Questions on Algebra in Finance answered by real tutors!

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Question 168531: can someone please help me with this:
Find the payment necessary to amortize the loan.
$12,100; 12% compounded monthly; 48 monthly payments
$313,57
$318,64
$1458,32
$318.87: can someone please help me with this:
Find the payment necessary to amortize the loan.
$12,100; 12% compounded monthly; 48 monthly payments
$313,57
$318,64
$1458,32
$318.87
Answer by jojo14344(1022) About Me  (Show Source):
You can put this solution on YOUR website!
Okay, we have Amortization formula: P=A(1-(1+(i/m))^(-nm))/i ------------> EQN 1
Given---->system(P=Principal,A=Amortization,i=interest,n=years,m=compundedPeryear)
Subst.
12100=A(1-(1+(0.12/12))^(-4*12))/(0.12/12)
12100=A(1-(1.01)^-48)/0.01, cross multiply
12100*0.01=A(1-0.62026)
121=A(0.379739) ----> cross(121)318.64/cross(0.379739)=A*cross(0.379739)/cross(0.379739)
highlight(A=318.64), Answer
.
thank you,
Jojo