Can someone please help me solve this? Thanks

Question

anonymous · Answer

$$12,500 (0.09\div12)\div [1-(1+0.09/12) (^{-12x12}$$)

anonymous · Answer

the x on the exponents is for multiplying

anonymous · Answer

go to wolfram alpha .com for your problem it doesn't show work but its great  for your type of problem for answering it

anonymous · Answer

it gave me 0.64 and my problem is asking for  monthly payment for a 12,500 loan... im pretty sure thats wrong.

jdoe0001 · Answer

maybe you're using the wrong equation

jdoe0001 · Answer

you may want to post the actual mortgage material

anonymous · Answer

Thats what I have no far

jdoe0001 · Answer

right, but where's the original material that prompted you to use the compound interest formula?

anonymous · Answer

thats the problem working on now...

anonymous · Answer

i got 142.25 for monthly payment of the 12,500 loan is that right?

jdoe0001 · Answer

anonymous · Answer

But I used the PMT formula for the other ones and they were right....

espex · Answer

I also got 142.25 for a monthly payment on the 12,500 loan.