Question 1093748
P = (r(PV))/(1-(1+r)^-n
so in this formula:
P = the monthly payment, which we are going to find.
PV is the present value, 250000
r is the rate per period, 0.18/12 = 0.015
n is the number of periods, in this case 12 x 5 = 60
Let's put it all together:
(0.015(250000))/(1-(1+0.015)^-60)
3750/0.59 = 6355.93 is the minimum monthly payment