Question

which formula would i be using for this problem:

Find the monthly payment for the loan. (round your answer to the nearest cent)

$800 loan for 12 months at 10%

Answer 1

P = ( r * A ) / ( 1 - (1+r)-N)

Where,
P = Payment Amount
A = Loan Amount
r = Rate of Interest (compounded)
N = Number of Payments

Answer 2

That's way more complicated than I would put it, I would just go step by step, I can't think of a definite formula.

Answer 3

I am not saying @boricua86 is wrong but that to mean seems like a complicated way of doing a simple problem.