Posted by Vicki on Thursday, December 20, 2012 at 1:58pm.
P = (Po*r*t)/(1-(1+r)^-t).
Po = $50,000 = Initial loan.
r = (9%/12) / 100% = 0.0075 = Monthly %
rate.
t = 12Mo/yr * 7yrs = 84 Mo.
Plugged the above values into the given Eq and get: P = $67,574.13.
Monthly Payment = 67,574.13/84Mo=$804.45
Payment--Int.--Principal.--Balance.
1.804.45--375.---429.45------49570.55.
2.804.45--371.78--432.67-----49137.88.
12.804.45--338.21--466.24----44628.62.
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