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scott is taking a $9,500, 4 year loan with an APR of 6.25%. what is the monthly payment for this loan?

Guest Feb 17, 2017
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This is the formula you would use to calculate this:

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

 

PMT = 9,500 x 0.0625/12{[1 + 0.0625/12]^(4*12) / [1 + 0.0625/12]^(4*12) - 1}

PMT =49.479167 x {                   1.283193 / 0.283193}

PMT =49.479167 x                                 4.5311654.....

PMT =$224.20 - The monthly payment.

Guest Feb 17, 2017

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