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?
PV = 40000
i = .11/12 = .009166667
n = 120
payment = x
solve for x
x( 1 - 1.009166667^-120)/.009166667 = 40000