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CORRECTION TO AMOUNT WITH PRIOR QUESTION:subject is purchasing a home for $45,000.00 with $5,000.00 down payment @ 11% interest. Will this be covered in 10 years and how much payment per month?

  • FINANCE -

    PV = 40000
    i = .11/12 = .009166667
    n = 120
    payment = x

    solve for x

    x( 1 - 1.009166667^-120)/.009166667 = 40000

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