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#2 The monthly payment M of a loan amount P for y years and with interest rate r can be calculated by the formula: M=(P((r)/(12)))/(1-(1+(r)/(12))^(-12y))
#2 The monthly payment
M
of a loan amount
P
for
y
years and with interest rate
r
can be calculated by the formula:\
M=(P((r)/(12)))/(1-(1+(r)/(12))^(-12y))
\ Calculate the monthly payment and the total payment for a
$100,000
loan for
10,11,12,dots,29,30
years with an interest rate of
4.85%
. Display the results in a three-column table where the first column is the number of years, the second is the monthly payment, and the third is the total payment.
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