Question 115180
Yes, you just plug in the numbers, just remember that you need <i>n</i> MONTHS, so you need {{{n=25*12=300}}}, and 0.8% expressed as a decimal is .008.


The only thing wrong with what you are trying to do is that you have -n as an exponent and it should be +n.


{{{M=(rp)/(1-(1-r)^(n))}}}
{{{M=(.008*120000)/(1-(1-.008)^(300))}}}
{{{M=960/(1-.992^300)}}}
{{{M=960/(1-0.0898466)}}}
{{{M=1054.77}}}


By the way, that is a HORRIBLE interest rate - .008 * 12 = .096 => 9.6%  Shop around, you should be able to get something in the neighborhood of 6%, or 0.5% per month.  Do the arithmetic and see what the difference in the payment would be in that case.