1 answer
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P = (Po*r*t)/(1-(1+r)^-t).
r = (9%/12)/100% = 0.0075 = Monthly %
rate expressed as a decimal.
t = 7yrs * 12mo/yr = 84 Months.
1. P=(50000*0.0075*84)/(1-(1.0075)^-84)=
$67,574.13.
M.P. = p / t = Monthly Payment.
2. Shown above.
3.