I need help asap I have multiplied and added but they don't match the answers.
2 answers:
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(See attached formula)
Loan Principal = 104,000 - 24,000 = 80,000
rate = 8.5 / 1,200 = <span> <span> <span> 0.0070833333 </span> </span> </span>
time = 25 years = 300 months
Monthly Payment = <span> <span> 0.0070833333 </span> + </span><span> <span> [ 0.0070833333 / ((1</span></span><span>.0070833333)^300 -1)) ] *principal
</span>
Monthly Payment = <span>0.0070833333 + </span><span> [ 0.0070833333 / (</span><span> </span> <span> <span> <span> 8.3104129461 </span> </span> </span> -1)] * 80,000
Monthly Payment = 0.0070833333 + [ 0.0070833333 / ( 7.3104129461)] * 80,000
Monthly Payment = (0.0070833333 + <span> <span> <span> 0.00096893750767) * 80,000
</span></span></span>Monthly Payment = <span> <span> <span> 0.00805227080767 </span> </span> </span> * 80,000
Monthly Payment = <span> <span> <span> 644.18
Source:
http://www.1728.org/calcloan.htm
</span></span></span>
(See attached formula)
Loan Principal = 104,000 - 24,000 = 80,000
rate = 8.5 / 1,200 = <span> <span> <span> 0.0070833333 </span> </span> </span>
time = 25 years = 300 months
Monthly Payment = <span> <span> 0.0070833333 </span> + </span><span> <span> [ 0.0070833333 / ((1</span></span><span>.0070833333)^300 -1)) ] *principal
</span>
Monthly Payment = <span>0.0070833333 + </span><span> [ 0.0070833333 / (</span><span> </span> <span> <span> <span> 8.3104129461 </span> </span> </span> -1)] * 80,000
Monthly Payment = 0.0070833333 + [ 0.0070833333 / ( 7.3104129461)] * 80,000
Monthly Payment = (0.0070833333 + <span> <span> <span> 0.00096893750767) * 80,000
</span></span></span>Monthly Payment = <span> <span> <span> 0.00805227080767 </span> </span> </span> * 80,000
Monthly Payment = <span> <span> <span> 644.18
Source:
http://www.1728.org/calcloan.htm
</span></span></span>