Question 347129
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The monthly payment, *[tex \Large c] for a loan amount of *[tex \Large P_o] for *[tex \Large N] months at an interest rate of *[tex \Large r] per month expressed as a decimal is given by:


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ c\ =\ \frac{r}{1-\left(1\ +\ r\right)^{-N}}P_o]


Remember, if the term of the loan is given as *[tex \Large n] years, then *[tex \Large N\ =\ n\,\cdot\,12].  If the interest rate is given as *[tex \Large R%] per year, then *[tex \Large r\ =\ \frac{R}{12\,\cdot\,100}].  *[tex \Large c] will be in the same currency units as *[tex \Large P_o]


I'll leave you alone now to spend some quality time with your calculator.  Write back with your answer and I'll check it.


John
*[tex \LARGE e^{i\pi} + 1 = 0]
My calculator said it, I believe it, that settles it
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