What is the monthly payment for a 10-year, $24,000 loan at 4.625% APR
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What is the monthly payment for a 10-year, $24,000 loan at 4.625% APR

[From: ] [author: ] [Date: 12-03-31] [Hit: ]
04625/12t = 12 / 12.04625P = 24000 * (1 - 12/12.04625) / (1 - (12/12.04625)^120)P = 249.22031141994441097328847180413So the monthly payment will be $249.22How much will be in interest?......
i = 4.625% = 0.04625

P = L * (1 - t) / (1 - t^n)
t = 1/r
r = 1 + i/12

r = 1 + 0.04625/12 = 12.04625/12
t = 12 / 12.04625

P = 24000 * (1 - 12/12.04625) / (1 - (12/12.04625)^120)
P = 249.22031141994441097328847180413

So the monthly payment will be $249.22

How much will be in interest? Take the monthly payment, multiply it by the number of payments and subtract the original loan amount

249.22 * 120 - 24000 =>
5906.4373703933293167946166164954

$5906.44 will be in interest


NOTE: The windows calculator has this function. Clcik View, then click on the Worksheets.


EDIT:

Your payment of 250.18 was right. I made one small mistake

P = L * (1 - t) / (t * (1 - t^n))

t = 1/r
r = 1 + i/12

If you notice, I posted this: L * (1 - t) / (1 - t^n), instead of L * (1 - t) / (t * (1 - t^n))

P = 24000 * (1 - 1/r) / ((1/r) * (1 - (1/r)^n))
P = 24000 * (1/r) * (r - 1) / ((1/r) * (1 - (1/r)^n))
P = 24000 * (r - 1) / (1 - (1/r)^n)
P = 24000 * (1 + i/12 - 1) / (1 - (1/r)^120)
P = 2000 * i / (1 - (1/r)^(120))
P = 2000 * 0.04625 / (1 - (1/(1 + 0.04625/12))^(120))
P = 250.18084803687544672391468778921

250.18 * 120 - 24000 =>
6021.7017644250536068697625347048
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