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PV=$14,013​;

n=65

i= 0.016

PMT?

positivityqueen  Jul 2, 2017
 #1
avatar
+1

Use this formula to calculate the periodic payment:

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

PMT=14,013 x 0.016{[1 + 0.016]^65 / [1 + 0.016]^65 - 1}

PMT=224.208 x {[1.016]^65 / [1.016]^65 - 1}

PMT=224.208 x {2.806022../ 1.806022...}

PMT=224.208 x           1.55370322....

PMT=348.35 - The periodic payment required.

Guest Jul 2, 2017

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