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Calculator Problem – 05/07/2012

What is the payment on a loan of $31,500 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 04/23/2012 problem:

(N=144,I=4.25,PV=31500,FV=0) PMT=$279.63