Calculator Problem – 08/15/2011

What is the payment on a $50,000
loan at 4.75% amortized over 12 years?

(The answer will be posted with the new calculator problem in 2 weeks.  Or if you can’t wait that long, you can go to http://www.facebook.com/pages/Gary-Johnston-Seminars/111368472221424 for the answer.)

Answer to 08/01/2011 problem:

(N=456,I=7,PV=0,PMT= -1228) FV= 2,775,889.58
(N=408,I=7,PV=0,PMT= -1846) FV= 3,079,269.44