Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Monthly Interest (%) 5 6 7 8 9 10 11 24 43.87 44.32 44.77 45.23 45.68 46.14 46.61 47.07 Term (months) 36 42 29.97 26.00
Monthly Interest (%) 5 6 7 8 9 10 11 24 43.87 44.32 44.77 45.23 45.68 46.14 46.61 47.07 Term (months) 36 42 29.97 26.00 30.42 26.46 30.88 26.91 31.34 27.38 31.80 27.84 32.27 28.32 32.74 28.79 33.21 29.28 48 23.03 23.49 23.95 24.41 24.89 25.36 25.85 26.33 60 18.87 19.33 19.80 20.28 20.76 21.25 21.74 22.24 12 (c) Find the function of the quadratic cross-sectional model that gives the monthly payment in dollars on a $1000 loan, where t months is the length of the loan and 10% is the interest rate, with data from 24 sts 60. (Round all numerical values to three decimal places.) m(t, 10) = dollars Estimate the monthly payments for a 44-month loan at 10%. (Round your answer to the nearest cent.) NOTE: Web Assign is expecting you to use the rounded function that you entered above. We always use the unrounded function in order to minimize intermediate rounding errors. Use the rounded function for this question ONLY. $ Monthly Interest (%) 5 6 7 8 9 10 11 24 43.87 44.32 44.77 45.23 45.68 46.14 46.61 47.07 Term (months) 36 42 29.97 26.00 30.42 26.46 30.88 26.91 31.34 27.38 31.80 27.84 32.27 28.32 32.74 28.79 33.21 29.28 48 23.03 23.49 23.95 24.41 24.89 25.36 25.85 26.33 60 18.87 19.33 19.80 20.28 20.76 21.25 21.74 22.24 12 (c) Find the function of the quadratic cross-sectional model that gives the monthly payment in dollars on a $1000 loan, where t months is the length of the loan and 10% is the interest rate, with data from 24 sts 60. (Round all numerical values to three decimal places.) m(t, 10) = dollars Estimate the monthly payments for a 44-month loan at 10%. (Round your answer to the nearest cent.) NOTE: Web Assign is expecting you to use the rounded function that you entered above. We always use the unrounded function in order to minimize intermediate rounding errors. Use the rounded function for this question ONLY. $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started