Question 1198909
amount of loan is 35000.
interest rate is 6% per year.
loan term is 10 years.
payments are made at the end of each month.
interest rate is compounded monthly.
6% / 12 = .5% per month
number of months = 10 * 12 = 120
monthly payment is 388.57
that's your  answer.


i used the calculator at <a href = "https://arachnoid.com/finance/" target = "_blank">https://arachnoid.com/finance/</a>


results from using that calculator are shown below:


<img src = "http://theo.x10hosting.com/2022/122201.jpg">


the number of time periods is 10 years * 12 = 120 months.
the interest rate is 6% / 12 = .5% per month.
loan is positive because it's money received.
loan payment is negative because it's money spent.