Posted by Jennifer on Tuesday, June 24, 2014 at 7:11pm.
What is the monthly payment on a 25year 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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