Homework Answers
Using financial calculator
Input: N=60
PV = -20000
I/Y=6/12=0.5
Solve for PMT as 386.66
Hence monthly payment = $386.66
Interest on next payment = Balance on loan*Rate/12
= 3762.32*6%/12
= $18.81
Principal = 386.66-18.81 = 367.85
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if someone can just explain this not do the compraison.
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