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