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

Buying a house for $50000 interest rate is 9% which compounds monthly for 7 years, I use this formula PV =PMT [(1-(1+i)-n)/i]  what is the unpaid loan balance after the first and 6th year?

anonymous · Answer

Thank you for all the help and please show how you did it

anonymous · Answer

@amistre64

anonymous · Answer

@ParthKohli

anonymous · Answer

one of these guys should be able to help you out :)

anonymous · Answer

How do I get to the answer, I'm clicking on everything and don't see it

anonymous · Answer

Thank you Brad :D