Trey is taking out a loan for 85000. Its a 20 year loan with an APR of 5.85. What will his monthly payment be

asked Oct 23, 2018 50.3k views

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M=[(85000*(0.0585/12))(1+0.0585/12)^(12*20)] divided by [(1+0.0585/12)^(12*20))-1]=601.63
Hope it helps

Silviu Burcea answered Oct 23, 2018

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6 votes

M=[(85000*(0.0585/12))(1+0.0585/12)^(12*20)] divided by [(1+0.0585/12)^(12*20))-1]=601.63
Hope it helps

Phyl answered Oct 28, 2018

by Phyl

7.9k points

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