Use a calculator to evaluate the amortization formula [m=frac{Pleft(frac{r}{n}ight)}{1-left(1+frac{r}{n}ight)^{-n t}}] for the values of the variables (P,
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Use a calculator to evaluate the amortization formula
\[m=\frac{P\left(\frac{r}{n}ight)}{1-\left(1+\frac{r}{n}ight)^{-n t}}\]
for the values of the variables \(P, r\), and \(t\) (respectively) given in Problems 13-20. Assume \(n=12\).
\(\$ 150,000 ; 9 \% ; 30 \mathrm{yr}\)
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