Question 1200913
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Answer: <font color=red>$555.10</font>


Work Shown:


The formula to use is
P = (L*i)/( 1-(1+i)^(-n) )
where,
P = monthly payment
L = loan amount
i = monthly interest rate in decimal form
n = number of months


In this case
L = 50000
i = 0.06/12 =  0.005
n = 10*12 = 120 months


Then,
P = (L*i)/( 1-(1+i)^(-n) )
P = (50000*0.005)/( 1-(1+0.005)^(-120) )
P = 555.102509708256
P = <font color=red>555.10</font>


The answer can be confirmed with a calculator such as this one
<a href = "https://www.calculator.net/loan-calculator.html">https://www.calculator.net/loan-calculator.html</a>
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