Question 1200913
We are paying interest on the unpaid balance on a regular basis the formula needed   is given by

{{{P =( A*r/(1 - (1+r)^(-n)))}}}

P = payment amount							
A = amount financed = 			50000				
r = decimal interest rate adjusted for periodicity 6%	over	10	years
 	0.006	/month					
n = total number of payments made 10	years	12	months 120 months
									
				
												
P=	50000	*	0.006/(	1	-	(1+	0.006)^	-120
												
												
=	300	/	1	^	-120							
												
=	300	/	1	-	1.006	^-120		
=300	/	1	-	0.487800581
				
=300	/	0.512199419		
				
= $585.709