SOLUTION: 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
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Question 1200937: 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. Answer by Theo(13342) (Show Source):
You can put this solution on YOUR website! 555.10 needs to be paid at the end of each month.
interest rate is 6/12 = .5% per month.
number of months is 10 years * 12 = 120.
payment is made at the end of each momth.
present value is positive because it's money you received.
payment is negative because it's money you paid out.
here are the resutls from using the calculator at https://arachnoid.com/finance/
