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urielmendoza4u
urielmendoza4u urielmendoza4u
  • 08-03-2017
  • Mathematics
Answered

Trey is taking out a loan for 85000. Its a 20 year loan with an APR of 5.85. What will his monthly payment be

Verified Answer :

Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 08-03-2017

M=[(85000(0.0585/12))(1+0.0585/12)^(1220)] divided by [(1+0.0585/12)^(12*20))-1]=601.63
Hope it helps

Answer Link
serinasantiago
serinasantiago serinasantiago
  • 08-03-2017

M=[(85000(0.0585/12))(1+0.0585/12)^(1220)] divided by [(1+0.0585/12)^(12*20))-1]=601.63
Hope it helps

Answer Link

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