Question 1096539
present value = 90,000
number of years = 10
percentage rate per year = 2%
payments are made monthly.


number of months is 10 * 12 = 120
percentage rate per month = 2/12 = .16666667
payments are madee at the end of each month.


use a financial calculator with discrete compounding to get you answer.


one such calculator can be found here:


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


your inputs are:


present value = 90,000
future value = 0
number of time periods = 120
payment amount is left alone since this is what you are going to calculate.
interest rate per time period = .16666667
payment made at end of time period.


you then select pmt and the calculator will tell you what the monthly payment is going to be.


your monthly payment will be 828.12.


here's what the inputs and output of this calculator looks like.


<img src = "http://theo.x10hosting.com/2017/100701.jpg" alt="$$$" >


if you need formulas, most of the formulas you might require can be found here.


<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>


any questions, give me a shout.