Annuity payment formula Here is the problem. I want to take loan of $24{,}000$\$, and I want to repay it in series of equal payments monthly in time of five year. I use this formula to get the monthly annuity $$ \operatorname{P}= \frac{r\operatorname{PV}}{1-(1+r)^{-n}}$$ Where $\operatorname{P}$ is the payement, $\operatorname{PV}$ the present value, $r$ the rate per period and $n$ the number of periods. But I get amount of monthly annuity $2169$\$, whic is wrong, the correct annuity is $489$\$. Accrued interest is $8.99$. Can anyone check this?

$$ \operatorname{P}= \frac{r\operatorname{PV}}{1-(1+r)^{-n}}$$

$$ \operatorname{P} = \frac{(8.99\%/12) \cdot 24000}{1-(1+(8.99\%/12))^{-60}}$$

$$ \operatorname{P} = \$498$$

$(8.99\%/12 \approx 0.00749)$