Posted by Jennifer on Tuesday, June 24, 2014 at 8:26pm.
What is the monthly payment on a 25year loan of $73,700 if the annual interest rate is 10%?

mathMs Sue please help  Ms. Sue, Tuesday, June 24, 2014 at 8:28pm
First figure the interest.
I = PRT
Add that to the principal.
Multiply by 25 * 12.
What do you get?

Correction  Ms. Sue, Tuesday, June 24, 2014 at 8:36pm
Divide the interest plus the principal by the number of months.

mathMs Sue please help  Reiny, Tuesday, June 24, 2014 at 11:05pm
I am pretty sure that for loans lasting 25 years, compound interest would be used.
i = .10/12 = .008333...
n = 25(12) = 300
payment( 1  1.008333^300)/.0083333) = 73700
I get payment = $ 669.71

mathMs Sue please help  Jennifer, Wednesday, June 25, 2014 at 9:04am
Thanks...that's what I got
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