total loan=$20092
Down=$2000
Amount to finance, A=20092-2000=$18092
term = 5 years
compounded monthly
monthly interest, i= $0.069/12=0.00575
R=1+i=1.00575
number of periods, n = 5*12=60
Monthly payment,
P=AR^n*(R-1)/(R^n-1)
= 18092*(1.00575^60)*(0.00575)/(1.00575^60-1)
=357.39 per month
Assume that you make a down payment of $2000, and you finance the remainder with a five-year loan at 6.9 percent APR.
20092 total cost-2000 down payment=18092 interest=2.24$
What is the equation I need to use to figure out the monthly payments per $100?
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