USA Calculating a monthly payment

[Cy Sorrell]

Trying to calculate on a loan with terms of 120 months. The next line is from the contract.

1. The Lender promises to loan $20,000,000.00 USD to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 9.00 percent per annum, calculated yearly not in advance.

Please let me know what the correct payment is!

I thank anyone who answers in advance!

 

[kirby]

Trying to calculate on a loan with terms of 120 months. The next line is from the contract.

1. The Lender promises to loan $20,000,000.00 USD to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 9.00 percent per annum, calculated yearly not in advance.

Please let me know what the correct payment is!

I thank anyone who answers in advance!

How does principal get repaid? Over the term or all at end of term?

 

[Cy Sorrell]

its made to pay principal and interest so each monthly payment is equal.