Monday, December 19, 2011

Mr. Kim paid a 10% downpayment of $200,000 for a house and lot and agreed to pay the balance on monthly ins?

Ms. Kim paid a 10% downpayment of $200,000 for a house and lot and agreed to pay the balance on monthly installments for 5 years at an interest rate of 15% compounded monthly. What is the monthly installment in in dollars? can you please give me the formula and solution to this problem...what is the formula used here?

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