30000 * 0.0141666666666 / [ 1 - 1.014166666666^-120]
R = $521.39
Monthly payment = 521.39 + 10.00 = $531.39
Total repayment = 531.39 * 120 = $63,766.80
I have used the forumulas for present value of an ordinary annuity. the payments are made at the
end of every month.
Is this what you wanted or did you need to work it out from first principals using geometric progressions?