what is the monthly payment on a $50,000 loan for 72 months with an interest rate of 6%?

Answer 1

828.64

Answer 2

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RE What is the monthly payment on a $50,000 loan for 72 months with an interest rate of 6%?

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Answer 3

The problem with this question is that we don't know if the interest rate of 6% is nominal or effective.

A nominal interest rate is different from the effective if the period of time after that the interest is credited (e.g. a month) is not identical to the basic time unit (normally a year).

For example, let's assume a nominal interest rate of 6% which is credited as of 6%/12 = 0.5% every month. After one year, the initial capital is increased by the factor (1+0.005)^12 = 1.0616. As a result, this nominal interest rate is equivalent to an effective interest rate of 6.16%.

Therefore, the correct calculation will consider an interest rate of 6.16% and the final result will be a monthly payment of $832.43.

On the contrary, if the 6% corresponds to an effective interest rate, the final result will be in fact $828.64.

BTW $736.11 is the value you get for simple interest, which is not the case for this is compound.

Answer 4

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RE :What is the monthly payment on a $50,000 loan for 72 months with an interest rate of 6%?
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Answer 5

$828.64

In the future, you can do a search for "amortization schedule" and find the answer yourself.

Answer 6

calculator

Answer 7

you need a calculator?

Answer 8

$828.64

Answer 9

$736.11