SOLUTION: Jack agrees to pay back a $50,000 loan over a 10year period. If the interest rate is 8%, what will his monthly payment be? I got $4000 i donk know if its right.

Question 458032: Jack agrees to pay back a $50,000 loan over a 10year period. If the interest rate is 8%, what will his monthly payment be?

I got $4000 i donk know if its right.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
There are months in years
The amount of principle he has to pay back each month is:

The interest due is
Over 10 years that is per month
(principle + interest) = monthly payment

Jack's monthly payment is $450
Hope I got it

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