The formula for finding the monthly payment for an amortized loan is: $M = P \left[ \frac { R } { 1 - ( 1 + R ) ^ { - N } } \right]$, where $M$ is the monthly payment, $R$ is the interest rate PER MONTH, and $\mathrm { N }$ is the number of months. Find the monthly payment on a car loan of $\$ 20,000$ at $12 \%$ for 5 years.

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The Answer of The formula for finding the monthly payment for an amortized loan is: $M = P \left[ \frac { R } { 1 - ( 1 + R ) ^ { - N } } \right]$, where $M$ is the monthly payment, $R$ is the interest rate PER MONTH, and $\mathrm { N }$ is the number of months. Find the monthly payment on a car loan of $\$ 20,000$ at $12 \%$ for 5 years.

The Formula for Finding the Monthly Payment for an Amortized M=P[R1−(1+R)−N]M = P \left[ \frac { R } { 1 - ( 1 + R ) ^ { - N } } \right]M=P[1−(1+R)−NR​]

The Formula for Finding the Monthly Payment for an Amortized $M = P \left[ \frac { R } { 1 - ( 1 + R ) ^ { - N } } \right]$