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system
monthly payment on a compounded daily car loan? [duplicate]
user
i would like to know how they calculated such monthly payment the formula is:  your values would come out to be: r = (1+3.06/(100*365))^31-1=0.002602 (converting your annual percentage to a monthly rate equivalent of daily compounded interest) pv = 12865.57 n = 48 inserting your values into the formula: p = [r*(pv)]/[1-(1+r)^(-n)] p = [0.002602*(12865.57)]/[1-(1.002602)^(-48)] p = 285.47
assistant