A loan of $50,000 has an 9% interest rate that compounds monthly for 7 years what are monthly payments? Please someone HELP ME with this?

Question

A loan of $50,000 has an 9% interest rate that compounds monthly for 7 years what are monthly payments?  Please someone HELP ME with this?

anonymous · Answer

There is a formula and worked example in http://en.wikipedia.org/wiki/Fixed-rate_mortgage

anonymous · Answer

justin do i do the same for the balance after 6 years? does the payment stay the same or does it increase any?

anonymous · Answer

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