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 Sep 26, 2018
 #2
avatar+99351 
+2

 

I'll give this my best shot...although I'm not sure of the answer

m = .08/12 = (1/150)

P = $3500

n = 2 years

a  = 12 payments per year

 

So...the monthly payment is

 

3500(1/150) [ (1 + 1/150)^(12 * 2)] / [ (1 + 1/150)^(12 * 2)  - 1 ]  ≈ $158.30

 

If this is the monthly payment...then the total payment is  24 * 158.30  = $3799.20

 

[ If anyone  else is more familiar with this....please point out any mistakes !!! ]

 

cool cool cool

 Sep 26, 2018
 #4
avatar+4684 
+2

Thanks!!

NotSoSmart  Sep 26, 2018
 #3
avatar
+2

Congrats. That is exactly the monthly payment and the total payback.

 Sep 26, 2018
 #5
avatar+99351 
+1

OK, thanks...I'll have to take your word for it....LOL!!!

 

 

cool cool cool

CPhill  Sep 26, 2018

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