Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use these equations to solve for your auto and mortgage payments. Show your WORK: ANNUAL RATE 3%, NUMBER OF YEARS 30,360 PAYMENTS, LOAN AMOUNT 250,000
Use these equations to solve for your auto and mortgage payments. Show your WORK: ANNUAL RATE 3%, NUMBER OF YEARS 30,360 PAYMENTS, LOAN AMOUNT 250,000 P=(1+r)n]1Ar(1+r)n P= Loan payment A = Amount of loan r= interest rate divided by number of periods (usually r/12 ) n= payments per year multiplied by number of years (nt) More on calculating auto payments
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