SOLUTION: A member would like to borrow $17,500 with a rate of 5.59% and the term is 60 Months. our system is calculating a monthly payment of $333.62 and is equipped with an amortization s

Question 117594: A member would like to borrow $17,500 with a rate of 5.59% and the term is 60 Months. our system is calculating a monthly payment of $333.62 and is equipped with an amortization schedule, when I use a regular calculator or an online calculator, it gives me a different amount. Could you please tell me the right formula on how to calculate the monthly payment and the interest that the member will end up paying after 60 months. Thank you.
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
You should get the same answer.
Here's the formula.

where
M = monthly payment
R = monthly rate (annual rate/12)
N = number of months
P = principal (original amount borrowed)
The total interest paid would then be,

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