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April 21, 2014

April 21, 2014

Posted by **amy** on Monday, February 7, 2011 at 10:44pm.

- math -
**tchrwill**, Tuesday, February 8, 2011 at 11:06amR = the periodic payment

P = the amount borrowed

n = the number of payments and i = the periodic interest in decimal form.

The monthly payment, R, required to retire the debt of $P over a period of n = 30(12) = 360 months at the monthly interest rate of i = 8.5/(100(12)) = .0070833 derives from

R = Pi/[1-(1+i)^(-n)]

Solve for P.

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