Homework Help: SOMEBODY HELP ME WITH MATH!!!!!!

Posted by MathHelp on Tuesday, October 4, 2011 at 11:43pm.

A person wishes to borrow $20,000 and has the following options. One lending source offers the loan for 24 monthly payments at an annual percentage rate of 14%. The second source offers the loan for 18 monthly payments at an annual percentage rate of 16% which of these two payment schedules has the lower monthly payment

SOMEBODY HELP ME WITH MATH!!!!!! - Steve, Wednesday, October 5, 2011 at 9:56am
Plug and chug:

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

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