You sell a mobile home for $36,000 with $2,000 down and carry back the balance over 20 years at 14.9%. What is the monthly payment?
(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 https://www.facebook.com/garyjohnstonseminars for the answer.)
Answer for 12/30/2013 problem:
(N=360,PV= -5000,PMT=138.78,FV=0) I=33.31%