Trey is taking a loan for $85,000.It is a 20-year loan with an APR of 5.85%. What will his monthly payment be?

Mathematics

2 answers:

Anna007 [38]2 years ago

7 0

85,000÷((1−(1+0.0585÷12)^(−12×20))÷(0.0585÷12))=601.63

mina [271]2 years ago

5 0

Answer:

The Monthly payment is 601.6337

Step-by-step explanation:

Loan Amount is $85,000

Time period is 20 years

APR is 5.85%

Payment is supposed to made monthly so $n=12*20=240$

As we know that

$p=\frac{r(PV)}{1-(1+r)^{-n}} \\\\where, r=\frac{0.0585}{12}=0.004875 , n=240,PV=85000\\\text{Substitute the values and simplify}\\\\$

$p=\frac{0.004875*85000}{1-(1+0.004875)^{-240}} =601.6337\\\\$

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