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This is used to calculate the payment amounts on a loan. Loan payment formula: PMT = ( P x ( APR / n ) )
This is used to calculate the payment amounts on a loan.
Loan payment formula:
PMTP x APRnAPRnnY
Use the loan payment formula to find each missing value. Round each monetary answer to the nearest cent if needed. Show your work!
P $ APR n Y yr
PMT $ APR n Y yr
Practice Problems
P $ APR n Y yr
P $ APR n Y yr
PMT $ APR n Y yr
PMT $ APR n Y yr
For a loan of $ at a fixed APR of for years, find the monthly payment.
You can afford a monthly payment of $ for a new car loan. You want the loan to last for years so that you can take advantage of a APR offer. What price can you afford for a new car?
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