A loan of $105,501.70 is to be amortized over a 5-year term at 6% interest compounded monthly with monthly payments and a $10,000 balloon payment at the end of the term. Calculate the monthly payment.

Please help, I don’t understand this. I keep getting the answer wrong.

What do you mean by that?

One shot. if 60% of 10 is 6, then what is 70%? we know it would be seven (since 60% is mathematically 60/100, or 6/10, then 70% is 70/100, or 7/10) but we can check anyway using ratios: 6 : 60% = x : 70%*inverse multiplicationx * 60% = 6 * 70%*divide both sides by 60%x = (6 * 70%) / 60%x = 7and since he has made 6 shots already, he would need just one more to get 7 shots or 70%. if the explanation is too confusing, comment and i will try to