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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
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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

User Thanasi
by
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2 Answers

4 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
User Silviu Burcea
by
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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
User Phyl
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