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October 24, 2014

October 24, 2014

Posted by **Sherry** on Monday, September 19, 2011 at 4:36pm.

What formula do I use to solve this problem.

- Math for Professionals -
**Reiny**, Monday, September 19, 2011 at 4:52pmWhat does "solving the problem" entail ?

Are you finding the monthly payment to pay back the loan ?

If so, then ...

payment [1 - (1+i)^-n]/i = present value

in your case,

i = .09/12 = .0075, n = 84 and PV = 50000

payment [ 1 - 1.0075^-84}/.0075 = 50000

payment = 804.45

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