Evaluate
2 answers:
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I have another total loan payment formula (see attached):
Total = rate * principal * # of payments / (1-((1 + rate)^-n))
Total = .005 * 15,000 * 60 / (1- ((1.005)^-60)
Total = 4,500 / (1 -0.7413721962)
Total = 4,500 / 0.2586278038
Total = 17,399.52
I know that is NOT one of the answers but I am sure of the formula and the calculations. I hope this helps.
