Find the monthly payment for the loan. (Round your answer to the nearest cent.)
$800 loan for 12 months at 10%
i = .10/12 = .0083333... ( I stored in calculator)
n = 12
PV = paym( 1- (1+i)^-n )/i
800 = paym( 1 - 1.008333..^-12 )/ .008333
..
after some button - pushing I got
paym = $70.33
for the values of the variables P, r, and t (respectively). Assume n = 12. (Round your answer to the nearest cent.)
$150,000; 4%; 30 yr
To find the monthly payment for a loan, you can use the formula for calculating a fixed monthly payment for a loan. The formula is:
Monthly Payment = (P * r * (1 + r)^n) / ((1 + r)^n - 1)
where:
P = principal amount of the loan (in this case, $800)
r = monthly interest rate (which is the annual interest rate divided by 12 and then divided by 100, since it is given as a percentage)
n = number of monthly payments (in this case, 12)
So, let's plug in the values into the formula:
P = $800
r = (10/12)/100 = 0.00833 (monthly interest rate of 10%)
n = 12
Monthly Payment = (800 * 0.00833 * (1 + 0.00833)^12) / ((1 + 0.00833)^12 - 1)
Now, you can calculate this expression to find the monthly payment for the loan.