PMT = FV i = $50,000 .0075 ( .09 /12 )
( 1 + i ) ^n - 1 ( 1 + .0075 ) ^84 - 1
Small business loan for $50,000 interest rate of 9% that compounds monthly for 7 years.
What is the monthly payment?
What is the unpaid balance of the loan at the end of the 1st year?
What is the unpaid balance at th end of the 6th year?