Question 1187247
using the financial calculator at <a href = "https://arachnoid.com/finance/index.html" target = "_blank">https://arachnoid.com/finance/index.html</a>, you would do the following.


these are the inputs.


<img src = "http://theo.x10hosting.com/2021/110410.jpg" >


this the output.


<img src = "http://theo.x10hosting.com/2021/110411.jpg" >


this is what the end of month by end of month remaining balance looks like.


<img src = "http://theo.x10hosting.com/2021/110413.jpg" >


with the formulas in the calculator, you use the interest rate percent per year divided by 12 to get the interest rate percent per month.


with the excel calculations, you use the interest rate divided by 12.


the interest rate is the percent divided by 100.


in both, your investment period is 24 months.


that's 2 years multiplied by 12 = 24 months.


in the calculator, your inputs are everything but pmt and your output is pmt.


you would need to pay 152.76 at the end of each month for 24 months, at the end of which the loan is paid off.


20.05% divided by 12 = 1.670833333....%


.2005 divided by 12 = .01670833333.....