Hello, Coach!

Sorry, your answer is incorrect . . .

There is an Amortization Formula: .A person takes a $2,000,000 loan from a bank with an annual fixed interest of 6%.

He plans to pay it back in 10 years.

In order to be able to complete his goal, how much must he pay per month?

. . where: .

We have: .

Hence: .

Therefore, his monthly payment will be: .

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

The derivation of the Formula is lengthy but quite elementary.

I think I can recreate the steps . . . if anyone is interested.