The monthly loan payment P for loan amount A with an annual interest rate r (as a

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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%.

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Basic Technical Mathematics

ISBN: 9780137529896

12th Edition

Authors: Allyn J. Washington, Richard Evans

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Question Posted: Mar 30, 2023 12:53 AM

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The monthly loan payment P for loan amount A with an annual interest rate r (as a

Question:

P = A(+2) 12 r 1 - ( 1 + 1/72) - 12t

Step by Step Answer:

First we need to convert the annual interest rate to a monthly interest rate rmonthly ran...View the full answer

Basic Technical Mathematics

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