Posted by **rose** on Saturday, February 5, 2011 at 2:10pm.

calculate the monthly payment by loan

amotization table: loan 26,000, down payment of 5,000 at 11% for 36 months

- math -
**helper**, Saturday, February 5, 2011 at 3:02pm
26.000 less 5,000 = 21,000 loan

11% for 36 months

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

A = Payment amount/period

P = Loan amount = 21,000

r = interest rate = .11/36 = 0.003056

n = number of payments = 36

A = 21,000*(0.003056*(1 + 0.003056)^36 /

((1 + 0.003056)^36 - 1)

A = 21,000 * (0.003056 * (1.003056)^36/

((1.003056)^36 - 1)

A = 21,000 * (0.003056 * (1.11611))/

((1.11611) - 1)

A = 21,000 * (0.003411)/(0.116110)

A = 21,000 * 0.029377

A = 616.92

Monthly payment = $616.92

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