Dear forum members, could you please verify that my calculations are correct
A person takes a two million euro 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?
q=1,005 (the coefficient that will tell us the interest added to the loan)
n=10 (the years we want to spend on paying the loan)
a= 2 000 000 (the amount of money taken)
b= ? (the amount of money we have to pay per month)
Oh yeah, and if anyone was wondering I used geometric sum for the fraction part.
I got for my answer for solving b, about 20 5541.1457€ , but I highly doubt this is correct.
So if someone could check it, I would be very grateful.