Homework Help: math

Posted by Marjorie on Monday, October 3, 2011 at 7:35pm.

If I lease equipment for 60 months and the original price is $20,000 at an interest rate of 12%, how much is my monthly payment?

math - Steve, Tuesday, October 4, 2011 at 8:31am
Just plug these numbers into yur formula:
r is the interest per month (12%/12) = 0.01

P = 20000
n = 60

M = Pr/(1-1/(1+r)^n)

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