math

Assume that you make a down payment of $2000, and you finance the remainder with a five-year loan at 6.9 percent APR.
20092 total cost-2000 down payment=18092 interest=2.24$
What is the equation I need to use to figure out the monthly payments per $100?

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  1. total loan=$20092
    Down=$2000
    Amount to finance, A=20092-2000=$18092
    term = 5 years
    compounded monthly
    monthly interest, i= $0.069/12=0.00575
    R=1+i=1.00575
    number of periods, n = 5*12=60
    Monthly payment,
    P=AR^n*(R-1)/(R^n-1)
    = 18092*(1.00575^60)*(0.00575)/(1.00575^60-1)
    =357.39 per month

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