How do you calculate a repayment on a
How do you calculate a repayment on a loan?
If say I have a loan for $80,000 at 8% interest for 20 years the answer I found in the book was:
80000/ [1-(1/1.08 to the 20 exponent)/.08 = $8,148.18
How did they get that answer? I'm not understanding.
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how do you calculate a repayment on a loanif say i have a loan for 80000 at 8 interest for 20 years the answer i found
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