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

Short Answer

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 N is the number of months. Find the monthly payment on a car loan of $10,000 at 9% for 3 years.