00:01
Payment of $5 ,000, which means now you owe $25 ,920 ,921.
00:07
You're going to finance this at a rate of 6 .53%, and you're going to make monthly payments.
00:19
And we want to know what those monthly payments are going to be.
00:21
Well, let's see our formula.
00:23
Our formula for payments is going to be our principal times the interest rate, and then we're going to divide that by 1 minus 1 plus our interest rate to the negative n.
00:35
So let's see what our numbers are going to be.
00:37
We're going to be financing 2921.
00:40
Our interest rate is going to be 0 .0653, 0 .0653, but we're going to do this monthly, so i'm going to divide it by 12...