PV = 22000
Rate = 8% / 12
Nper = 5 * 12 = 60
FV = 0
Monthly payment can be calculated by using the following excel
formula:
=PMT(rate,nper,pv,fv)
=PMT(8%/12,60,-22000,0)
= $446.08
Monthly payment = $446.08
Interest for the first month = $22,000 * 8% / 12 = $146.67
Principal for the first moth = Monthly payment - interest = $446.08 - $146.67 = $299.41
When you make your first payment $299.41 will go toward the
principal of the loan and $146.67 will go toward the
interest.
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