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what would a payment be borrowing 21,000 at 4.5% with 5 yr pay off

Guest May 24, 2017
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Use this formula to calculate the loan payment:                                                                                                           PMT=PV. R.{[1 + R]^N/ [1 + R]^N - 1}

PMT =21,000 x 0.045/12{[1 + 0.045/12]^(5*12) / [1 + 0.045/12]^(5*12) - 1}

PMT = 78.75{[1.00375]^60 / [1.00375]^60 - 1}

PMT =78.75 x               4.9714718.....

PMT = $391.50 - The monthly payment for 60 months, or 5 years.

Guest May 24, 2017
edited by Guest  May 24, 2017

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