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Can someone explain this to me. I don't understand the equation. can you break it down as simple as you can.
$475[1 [1/{1 + (0.120 /12)}4 12]]
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(0.120/12)
Present Value of the Loan = Monthly Payment x = $475 11 - 01/14 (0.10 / 10) (0.120/12) = $475 x 37.9740 = $18,038 x
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