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April 18, 2014

April 18, 2014

Posted by **lynne** on Saturday, November 6, 2010 at 7:47pm.

- Math -
**Reiny**, Saturday, November 6, 2010 at 8:28pmI will assume the rate is 6% per annum compounded monthly

i = .06/12 = .005

n = 30x12 = 360

outstanding balance = 225000-50000 = 175000

let the payment be P

175000 = P[ 1 - 1.005^-360 ]/.005

solve for P

(I got 1049.21)

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