Please help -
Monthly payments on a 30 year basis for a $32,000 loan at 9% amount to monthly payments of $257.48.
Prof gave me formula:
m= (Rate*Cost)/(1200*(1-(1+((rate/1200)^(-12* years)))))
I keep plugging it in but I am NOT getting what he got?!? Can someone explain how this formula works?

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let me type it in with judicious use of parentheses and see what we get hold on

ok i think the formula has a mistake in it

where did the 1200 come from?

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