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calculate the monthly payment by loan
amotization table: loan 26,000, down payment of 5,000 at 11% for 36 months

  • math -

    26.000 less 5,000 = 21,000 loan
    11% for 36 months

    A = P * (r * (1 + r)^n)/((1 + r)^n - 1)
    A = Payment amount/period
    P = Loan amount = 21,000
    r = interest rate = .11/36 = 0.003056
    n = number of payments = 36

    A = 21,000*(0.003056*(1 + 0.003056)^36 /
    ((1 + 0.003056)^36 - 1)

    A = 21,000 * (0.003056 * (1.003056)^36/
    ((1.003056)^36 - 1)

    A = 21,000 * (0.003056 * (1.11611))/
    ((1.11611) - 1)

    A = 21,000 * (0.003411)/(0.116110)
    A = 21,000 * 0.029377
    A = 616.92

    Monthly payment = $616.92

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