Question
what are monthly payments on $100,000.00 at 1% over 5 years
Answers
Henry
P = Po*r*t/(1-(1+r)^-t).
Po = $100,000.00
r = (1%/12)/100% = 0.0008333 = Monthly % rate expressed as a decimal.
t = 12mo/yr * 5yrs = 60 Mo.
P=(10^5*0.0008333*60)/(1-(1.0008333^-t)
P = $102,566.07
Monthly = 102,566.07/60mo = $1709.43/mo.
Po = $100,000.00
r = (1%/12)/100% = 0.0008333 = Monthly % rate expressed as a decimal.
t = 12mo/yr * 5yrs = 60 Mo.
P=(10^5*0.0008333*60)/(1-(1.0008333^-t)
P = $102,566.07
Monthly = 102,566.07/60mo = $1709.43/mo.