Posted by Jennifer on .
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,
First figure the interest.
I = PRT
Add that to the principal.
Multiply by 25 * 12.
What do you get? 
Correction 
Ms. Sue,
Divide the interest plus the principal by the number of months.

mathMs Sue please help 
Reiny,
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,
Thanks...that's what I got