00:01
We're looking at a $1 ,500 loan here, and this loan amount is taking place at a 12 % pa, which gives us our r value of 0 .12.
00:13
It's to be repaid in two years, which gives us these constants right here, and those look like t equals two years, n is 24 months, and it's just however many months are involved in the year time, so that's 2 times 12.
00:30
We're looking for the monthly payment after a month with our interest.
00:35
We'll use our formula here, which looks like loan amount, times our monthly payment with our given variables that will substitute.
00:43
And that's going to look like this.
00:45
We know that we're solving for x.
00:46
That's the only one variable that we cannot substitute, but it's our job to calculate this amount here and use that to solve for our x...