The monthly loan payment P for loan amount A with an annual interest rate r (as a
Question:
The monthly loan payment P for loan amount A with an annual interest rate r (as a decimal) for t years is
Find the monthly payment for a $30,000 car loan if it is a 5-year loan with an annual interest rate of 2.6%.
Transcribed Image Text:
P = A(+2) 12 r 1 - ( 1 + 1/72) - 12t
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First we need to convert the annual interest rate to a monthly interest rate rmonthly ran...View the full answer
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Related Book For
Basic Technical Mathematics
ISBN: 9780137529896
12th Edition
Authors: Allyn J. Washington, Richard Evans
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