Asked by Carol
If i barrow 2000000 and am charged 2% interest on the loan for a period of 60 months how much should my monthly payment be?
Answers
Answered by
Reiny
I assume we are using compound interest.
i = .02/12 = .001666...
P(1 - 1.001666..^-60)/.001666... = 2000000
I get P = $35055.52
check my arithmetic
i = .02/12 = .001666...
P(1 - 1.001666..^-60)/.001666... = 2000000
I get P = $35055.52
check my arithmetic
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