document.write( "Question 1200913: What monthly payment is required to amortize a loan of $50,000 over 10 years if interest at the rate of 6%/year is charged on the unpaid balance and interest calculations are made at the end of each month? (Round your answer to the nearest cent.) \n" ); document.write( "
Algebra.Com's Answer #835980 by math_tutor2020(3817)\"\" \"About 
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\n" ); document.write( "Answer: $555.10\r
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\n" ); document.write( "\n" ); document.write( "Work Shown:\r
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\n" ); document.write( "\n" ); document.write( "The formula to use is
\n" ); document.write( "P = (L*i)/( 1-(1+i)^(-n) )
\n" ); document.write( "where,
\n" ); document.write( "P = monthly payment
\n" ); document.write( "L = loan amount
\n" ); document.write( "i = monthly interest rate in decimal form
\n" ); document.write( "n = number of months\r
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\n" ); document.write( "\n" ); document.write( "In this case
\n" ); document.write( "L = 50000
\n" ); document.write( "i = 0.06/12 = 0.005
\n" ); document.write( "n = 10*12 = 120 months\r
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\n" ); document.write( "\n" ); document.write( "Then,
\n" ); document.write( "P = (L*i)/( 1-(1+i)^(-n) )
\n" ); document.write( "P = (50000*0.005)/( 1-(1+0.005)^(-120) )
\n" ); document.write( "P = 555.102509708256
\n" ); document.write( "P = 555.10\r
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\n" ); document.write( "\n" ); document.write( "The answer can be confirmed with a calculator such as this one
\n" ); document.write( "https://www.calculator.net/loan-calculator.html
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