i have a loan of 50,000, interest rate of 9%, which compounds monthly for 7 years. what is the monthly payment. please show the formula and variable to calculate the payment. I have been told the answer is 804.45, but I dont know how to come up with that answer

Question

i have a loan of 50,000, interest rate of 9%, which compounds monthly for 7 years.  what is the monthly payment. please show the formula and variable to calculate the payment.  I have been told the answer is 804.45, but I dont know how to come up with that answer

anonymous · Answer

$$p = A _{0} \frac{ r }{ 1-(1+r)^{-t} }$$

anonymous · Answer

r is the monthly rate  ie  .09/12
p is monthly payment
Ao is loan amount
t is the number of compounding periods  ie if it's for two years, there are 24 months