Loan Payment Question
I am purchasing a piece of equipment that costs $295,000. Making a down payment of $15,000. After that, I have monthly payments for 5 years at 5% interest (compounded monthly) for 60 months to reduce the outstanding balance to $10,000. On the 61st week, I will pay the remaining $10,000 as a lump sum. Anyone know what the monthly payment amounts will be and how to calculate this? Any help would be greatly appreciated!
|