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April 20, 2014

April 20, 2014

Posted by **Anonymous** on Monday, November 28, 2011 at 8:31pm.

What is the loan's monthly payment amount?

- Math -
**Henry**, Tuesday, November 29, 2011 at 5:18pmPt = Po*r*t / (1-(1+r)^-t).

r = (6% / 12) / 100% = 0.005 = Monthly

% rate expressed as a decimal.

t = 6yrs * 12mo/yr = 73monhs.

Pt = 10000*0.005*72 / (1-(1.005)^-72) =

Pt = $11932.50.

Monthly Payment = Pt / t = 11932.50/72=

$165.73/mo.

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