Question

Trey is taking out a loan for 85000. Its a 20 year loan with an APR of 5.85. What will his monthly payment be

Answer 1

M=[(85000*(0.0585/12))(1+0.0585/12)^(12*20)] divided by [(1+0.0585/12)^(12*20))-1]=601.63
Hope it helps

Answer 2

M=[(85000*(0.0585/12))(1+0.0585/12)^(12*20)] divided by [(1+0.0585/12)^(12*20))-1]=601.63
Hope it helps