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3 years ago

5

What is the monthly payment for a $20,230 loan at 11.5 percent for 20 years?

1 answer:

yKpoI14uk [10]3 years ago

4 0

The main formula is
M= P (i(1+i)^n) / <span>(1+i)^n) - 1
M: monthly payment
P: mortgage principale= </span><span> $20,230
i=montly interest, 11.5%=11.5/100=0.115, i= 0.115/12=0.009
n=number of months=12x20(years)=240 months

M= </span>$20,230(0.009(1.009)^240) / (1.009)^240-1=<span>$20,230 x 0.0077 / 8.58-1
M=$20.57

</span>

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