Question

Find the periodic payment R required to amortize a loan of P dollars over t years with interest charged at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.)

P = 50,000, r = 4, t = 20, m = 6

P = 80,000, r = 9.5, t = 20, m = 12

S = 50,000, r = 6, t = 7, m = 6

Answer 1

Loan Amount	excel formula (PMT)	periodic payment
P=50000	PMT(6%,(20*6),50000)	($3,002.76)
P=80000	PMT(9.5%,(20*12),80000)	($7,600.00)
P=50000	PMT(6%,(7*6),50000)	($3,284.17)
I used the excel formula for this calculation
Below is the brief for the mathematical equation
P = initial Principal (loan amount)
r = interest rate per period
n = total number of payments or periods
Periodic Payment formula (Mathematical)