Can anyone help me this word problem
using this formula FV=pmt(1+I)^n/I-1
You find that a small business loan in the amount of 50,000 is the amount you need to purchase the restaurant location. After researching banks to find the best interest rate, you find that banks for small businesses offer the best interest rate of 9% interest that compounds monthly for 7 years.
1. What is the monthly payment for this loan?
2. Show the formula that you used and the values used for each variable to calculate the monthly payment.
3. What is the unpaid balance of the loan at the end of the 1st year?

Question

Can anyone help me this word problem
using this formula FV=pmt(1+I)^n/I-1
You find that a small business loan in the amount of 50,000 is the amount you need to purchase the restaurant location. After researching banks to find the best interest rate, you find that banks for small businesses offer the best interest rate of 9% interest that compounds monthly for 7 years. 
1.	What is the monthly payment for this loan?
2.	Show the formula that you used and the values used for each variable to calculate the monthly payment.
3.	What is the unpaid balance of the loan at the end of the 1st year?

phi · Answer

This is my best shot. Hope it helps