Calculator Problem – 04/23/2012

What is the payment on a loan of $31,500 at 4.25% 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 04/09/2012 problem:

(N=6,PV= -1000,PMT=200,FV=0) I=65.66%