The monthly loan repayment will be computed using the following formula:
"\\text{p}=\\dfrac{D (1- (1+\\dfrac{r}{k} )^{-nk} }{ \\dfrac{r}{k}}"
Where p is the loan balance at the beginning of the period which is $24000.
d is the loan repayment.
r is the rate of interest which is 2%.
k is the number of compounding period in a year (12 months)
n is the length of the loan (3years)
"24000=\\dfrac{D (1- (1+\\dfrac{0.02}{12} )^{-12 \\times3} }{ \\dfrac{0.02}{12}}"
"24000=34.91306D"
"D=\\dfrac{24000}{34.91306}"
"D= $687.42"
The monthly payment is $687.42
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