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lildebbie55

i have a loan of 50,000, interest rate of 9%, which compounds monthly for 7 years. what is the monthly payment. please show the formula and variable to calculate the payment. I have been told the answer is 804.45, but I dont know how to come up with that answer

  • one year ago
  • one year ago

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  1. lildebbie55
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    Buying a house for $50000 interest rate is 9% which compounds monthly for 7 years, I use this formula PV =PMT [(1-(1+i)-n)/i] what is the unpaid loan balance after the first and 6th year?

    • one year ago
  2. lildebbie55
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    Thank you for all the help and please show how you did it

    • one year ago
  3. Brad1996
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    @amistre64

    • one year ago
  4. Brad1996
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    @ParthKohli

    • one year ago
  5. Brad1996
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    one of these guys should be able to help you out :)

    • one year ago
  6. lildebbie55
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    How do I get to the answer, I'm clicking on everything and don't see it

    • one year ago
  7. lildebbie55
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    Thank you Brad :D

    • one year ago
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