needs to finance. This is the total price of the building minus the down payment, which is $85,100.00 - $16,250.00 = $68,850.00.
The formula for the semi-annual payment (PMT) is:
PMT = PV * r * (1 + r)^n / [(1 + r)^n - 1]
where:
PV = present value, which is
Show more…