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Math Help - monthly payment.

  1. #1
    Newbie
    Joined
    Mar 2007
    Posts
    4

    monthly payment.

    I think i may understand this now. my problem is

    Amount of payment=64,000. Down payment=14,000. Rate of interest=6%. Term of loan = 20 yrs.

    I went 64,000-14,000= 50,000.00

    I took amount to be financed and made it per 1000 which would ber 50.

    the rate of percent would come out to 7.17. I went 50 X 7.17 and got $358.50. Am i correct or what am i still doing wrong?
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  2. #2
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    Joined
    Mar 2007
    Posts
    11
    Were you looking for payments on the loan, future value, present value, etc...?
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