A community for students. Sign up today!
Here's the question you clicked on:
 0 viewing
 2 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
 2 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

This Question is Open

lildebbie55
 2 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
 2 years ago
Best ResponseYou've already chosen the best response.0Thank you for all the help and please show how you did it

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

lildebbie55
 2 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
Ask your own question
Ask a QuestionFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.