Monday
March 27, 2017

Post a New Question

Posted by on .

a small business loan in the amount of 50,000 with an interest rate of 9% that compounds monthly for 7 years what would my monthly payment be

  • math - ,

    let the payment be P
    i = .09/12 = .0075
    n = 7(12) = 84

    P( 1 - 1.0075^-84)/.0075 = 50000
    ...
    ...

    P = $804.45

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question