Question 1190691
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L = 10,000 = loan amount
i = interest rate per month = 0.021/12 = 0.00175
n = number of months = 12*4 = 48


P = monthly payment
P = (L*i)/( 1-(1+i)^(-n) )
P = (10,000*0.00175)/( 1-(1+0.00175)^(-48) )
P = 217.387950449613
P = 217.39


m = number of months left = 12
B = remaining balance with m months left
B = P*(1-(1+i)^(-m))/i
B = 217.387950449613*(1-(1+0.00175)^(-12))/(0.00175)
B = 2579.22270192667
B = 2579.22


The monthly payment and remaining balance can be confirmed when using a calculator such as this one
<a href = "https://www.calculator.net/loan-calculator.html">https://www.calculator.net/loan-calculator.html</a>
After you type in the proper values, and hit "calculate", it should show the monthly payment being $217.39
Also, click on "View Amortization Table". Note the balance at the end of month 36 (and at the beginning of month 37) is exactly $2,579.22


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Answers:
monthly payment = $217.39
Remaining balance with one year left = $2,579.22
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