Pt = Po*r*t / (1-(1+r)^-t).
r = (6% / 12) / 100% = 0.005 = Monthly
% rate expressed as a decimal.
t = 6yrs * 12mo/yr = 73monhs.
Pt = 10000*0.005*72 / (1-(1.005)^-72) =
Pt = $11932.50.
Monthly Payment = Pt / t = 11932.50/72=
$165.73/mo.
John Receive a 10,000 loan, with an interest rate of 6 %, for 6 years.
What is the loan's monthly payment amount?
1 answer
1 answer