Question 1076884
present value = 480,000 - 150,000 = 330,000
future value = 0
interest rate per time period = 24% per year / 12 months per year = 2% per month
number of time periods = 20 years * 12 months per year = 240 months.
payments are due at the end of each month.


put these inputs into the following calculator:


<a href = "https://arachnoid.com/finance/" target = "_blank">https://arachnoid.com/finance/</a>


inputs will look like this:


<img src = "http://theo.x10hosting.com/2017/041703.jpg" alt="$$$" </>


click on pmt:


output will look like this:


<img src = "http://theo.x10hosting.com/2017/041704.jpg" alt="$$$" </>


result is minimum payment of 6,657.45.


here's a summary of financial formulas plus a reference to the calculator used:


<a href = "https://www.algebra.com/algebra/homework/Finance/THEO-2016-04-29.lesson#notes" target = "_blank">https://www.algebra.com/algebra/homework/Finance/THEO-2016-04-29.lesson#notes</a>


the formula you would use for this problem is:


ANNUITY FOR A PRESENT AMOUNT WITH END OF TIME PERIOD PAYMENTS