Loan

Apply for a $ 59000 loan, the loan repayment period is 8 years, the interest rate 7%.
How much should I pay for every month (or every year if paid yearly).

Example is for practise geometric progression and/or periodic payment for an annuity.

Correct result:

m =  804.39 USD
y =  9880.6 USD

Solution:

i1=7/100/12=0.006 r1=(1+i1)128=1.776 m=59000i1r1r11=590000.0061.7761.7761=804.39 USDi_1 = 7/100/12 = 0.006 \ \\ r_1 = (1 + i_1)^{ 12\cdot 8 } = 1.776 \ \\ m = 59000 \cdot \dfrac{ i_1 r_1}{ r_1 -1 } = 59000 \cdot \dfrac{ 0.006 \cdot 1.776}{ 1.776 -1 } = 804.39 \ \text{USD}
i2=7/100=0.07 r2=(1+i2)8=1.718 y=59000i2r2r21=590000.071.7181.7181=9880.6 USDi_2 = 7/100 = 0.07 \ \\ r_2 = (1 + i_2)^{ 8 } = 1.718 \ \\ y = 59000 \cdot \dfrac{ i_2 r_2}{ r_2 -1 } = 59000 \cdot \dfrac{ 0.07 \cdot 1.718}{ 1.718 -1 } = 9880.6 \ \text{USD}



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