Homework Answers
monthly payment formula= [P * r x (1+r)^n]/[((1+r)^n)-1]
P= Loan amount=$75000
r= interest rate per month=10%/12=0.833%
n=total number of periods=(3*12)=36
monthly payment=75000*0.833%*((1+0.833%)^36)/(((1+0.833%)^36)-1)=(625*1.348182)/0.348182=$2420.04
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