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Ans- 5. A Watson engineering student has just has decided to spend $1,500 on a new home theater system. He took out a four-month loan
Ans- 5. A Watson engineering student has just has decided to spend $1,500 on a new home theater system. He took out a four-month loan with a "nominal" yearly rate of 9% (but really 34% per month). If this student wants to pay the same amount every month, how much will he have to pay? Write an executable script file (m-file) that takes no input and calculates this amount. Also, display a table with the interest accrued, payment on the principal amount, and ending balance for each month with proper numerical formatting (i.e. no scientific notation). (Name your m-file>>> loan 18.m) The following formula is used to calculate the fixed monthly payment (A) required to fully amortize a loan of P dollars over a term of n months at a monthly interest rate of . [If the quoted rate is 6%, for example, i is 0.06/12 or 0.005] A = P[(1 + i)"]/[(1 + i)"-1]
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