help please math

Andy needs to pay off a loan of $18,000 in 5 years. Find the amortization payment he would need to make each bi-monthly pay period (twice a month) at 6% compounded bi-monthly, in order to pay off
the loan.

asked by dreamkatcher76
  1. i = .06/24 =.0025
    n = 5(24) = 120
    Let the payment be P

    P( 1 - 1.0025^-120)/.0025 = 18000

    I get P = $173.81

    posted by Reiny

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