Thread: 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?

Were you looking for payments on the loan, future value, present value, etc...?