• anonymous
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?
Mathematics

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