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March 27, 2017

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

  • math - ,

    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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