Posted by **Jennifer** on Tuesday, June 24, 2014 at 7:11pm.

What is the monthly payment on a 25-year loan of $73,700 if the annual interest rate is 10%?

- math -
**Henry**, Wednesday, June 25, 2014 at 4:51pm
P = (Po*r*t)/(1-(1+r)^-t)

Po = %73,700

r = (10%/12)/100% = 0.008333 = Monthly %

rate expressed as a decimal.

t = 25yrs. * 12mo./yr. = 300 Months.

Plug the above values into the given Eq

and get: P = $200,913.71

P/t = 200913.71/300mo = $669.71/mo.

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