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lildebbie55
 3 years ago
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
lildebbie55
 3 years ago
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

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lildebbie55
 3 years ago
Best ResponseYou've already chosen the best response.0Buying 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?

lildebbie55
 3 years ago
Best ResponseYou've already chosen the best response.0Thank you for all the help and please show how you did it

Brad1996
 3 years ago
Best ResponseYou've already chosen the best response.1one of these guys should be able to help you out :)

lildebbie55
 3 years ago
Best ResponseYou've already chosen the best response.0How do I get to the answer, I'm clicking on everything and don't see it
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