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calculate the monthly payment by loan amortization table: loan $26,000; down payment $5,000; 11% 36 months

  • math -

    present value of debt = payment(1 - (1+i)^-n)/i
    where i = monthly rate
    n = number of months

    i = .11/12 = .00916666..
    n = 36

    21000 = paym (1 - 1.00916666..^-36 )/.0091666..
    paym = $ 687.51

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