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17000x60monthsx3.99interestwhat is the payment

 Jun 10, 2017
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Use the following formula to calculate the payment:

PMT=PV. R.{[1 + R]^N/ [1 + R]^N - 1}

 

PMT = 17,000 x 0.0399/12{[1 + 0.0399/12]^60 / [1 + 0.0399/12]^60 - 1}

PMT =56.525{[1.003325]^60 / [1.003325]^60 - 1}

PMT = 56.525 x                  5.53744651..........

PMT = $313.00 - The monthly payment.

 Jun 10, 2017

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