Question
If I lease equipment for 60 months and the original price is $20,000 at an interest rate of 12%, how much is my monthly payment?
Answers
Steve
Just plug these numbers into yur formula:
r is the interest per month (12%/12) = 0.01
P = 20000
n = 60
M = Pr/(1-1/(1+r)^n)
r is the interest per month (12%/12) = 0.01
P = 20000
n = 60
M = Pr/(1-1/(1+r)^n)