# math

What is the monthly payment on a 25-year loan of \$73,700 if the annual interest rate is 10%?

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1. P = (Po*r*t)/(1-(1+r)^-t)

Po = %73,700

r = (10%/12)/100% = 0.008333 = Monthly %
rate expressed as a decimal.

t = 25yrs. * 12mo./yr. = 300 Months.

Plug the above values into the given Eq
and get: P = \$200,913.71

P/t = 200913.71/300mo = \$669.71/mo.

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posted by Henry

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