Thread: Amortization Formula :( Pleez?

Thank you fo helping me, if you can lol :

Use the Amortization Formula to compute
a monthly car payment if L = $26,000 financed
over 60 months at 4.9% interest rate.

Payment = Loan (x 1 - 1
(1-(1+x)^N)

Payment = L(x(1-1÷(1-(1+x)^N)))
Code for Symbols
r≡annual interest in decimal format
y≡number of payments to be made per year (integer)
N≡total number of payments to be made (integer)
L≡amount of Loan
x≡r÷y
()≡(parentheses)
^≡exponent caret

Originally Posted by Steph07

Thank you fo helping me, if you can lol :

Use the Amortization Formula to compute
a monthly car payment if L = $26,000 financed
over 60 months at 4.9% interest rate.

Payment = Loan (x 1 - 1
(1-(1+x)^N)

Payment = L(x(1-1÷(1-(1+x)^N)))
Code for Symbols
r≡annual interest in decimal format
y≡number of payments to be made per year (integer)
N≡total number of payments to be made (integer)
L≡amount of Loan
x≡r÷y
()≡(parentheses)
^≡exponent caret

I can't really tell what your formula says.
I used the following amortization formula found Here.

, where

where

• A = payment Amount per period (monthly periods)
• P = initial Principal (loan amount)
• r = interest rate per period (yearly rate / 12)
• n = total number of payments or periods

A = payment per month
P = 26,000
r = 4.9% per year / 12 months = %
n = 60 monthly periods