Posted by Linda on Sunday, December 30, 2012 at 4:15pm.
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
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