Monthly payments and final amount paid

Question

If you have a loan with a beginning Balance of 19,342.60 and a interest rate of %6.800, what would be your fixed monthly payment over 25 yrs and final amount paid for total loan?

Answer 1

m = p(1 + r)ⁿ(r) / [(1 + r)ⁿ - 1]

 

m = 19342.60(1 + 0.0057)³⁰⁰(0.0057) / [(1 +0.0057)³⁰⁰ - 1]

 

Now you can do the calculations. (PEMDAS!)

 

m = 19342.60(1.0057)³⁰⁰(0.0057) / [(1.0057)³⁰⁰ - 1]

m = 19342.60(5.502)(0.0057) / 4.502

m = 606.611 / 4.502

m = 134.74