If you owe $10,000 and the APR is 14 percent, what monthly payment would you need to make to reduce your debt to zero within two years? (Round answer to 2 decimal places, e.g. 52.75.)
Loan Amount | 10000 | |
Interest rate per period | 0.016667 | =14%/12 |
Number of periods | 24 | |
EMI = [P x R x (1+R)^N]/[(1+R)^N-1] | ||
Where, | ||
EMI= Equal Monthly Payment | ||
P= Loan Amount | ||
R= Interest rate per period | ||
N= Number of periods | ||
= [ $10000x0.017 x (1+0.017)^24]/[(1+0.017)^24 -1] | ||
= [ $166.6666( 1.017 )^24] / [(1.017 )^24 -1 | ||
=$508.96 | ||
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