math
posted by Linda on .
calculate the monthly payment by loan amortization table: loan $26,000; down payment $5,000; 11% 36 months

present value of debt = payment(1  (1+i)^n)/i
where i = monthly rate
n = number of months
i = .11/12 = .00916666..
n = 36
21000 = paym (1  1.00916666..^36 )/.0091666..
paym = $ 687.51