If you borrow P dollars at a monthly interest rate of r (as a decimal) and wish to pay off the loan in t months, then the monthly payment M = M(P, r, t) can be calculated, in dollars, using the following formula. M = Pr(1+r). (1 + r)² - 1 (a) Calculate M(5800, 0.01, 22). (Round your answer to the nearest cent.) $ 294 Explain in practical terms what your answer means. This value is your monthly payment if you borrow $5800 at a monthly rate of 1% for 22 months. OThis value is your monthly payment if you borrow $5800 at a monthly rate of 0.01% for 22 months. OThis value is your monthly payment if you borrow $5800 at a monthly rate of 22% for 1 months. OThis value is your monthly payment if you borrow $5800 at a monthly rate of 0.22% for 1 months. (b) Express the monthly payment for a loan of $5000 at a monthly rate cent.) M 5000 ✓) $167.2 0.09 x 35 0.9% paid over 35 months in functional notation, and then calculate its value. (Round your answer to the nearest x
If you borrow P dollars at a monthly interest rate of r (as a decimal) and wish to pay off the loan in t months, then the monthly payment M = M(P, r, t) can be calculated, in dollars, using the following formula. M = Pr(1+r). (1 + r)² - 1 (a) Calculate M(5800, 0.01, 22). (Round your answer to the nearest cent.) $ 294 Explain in practical terms what your answer means. This value is your monthly payment if you borrow $5800 at a monthly rate of 1% for 22 months. OThis value is your monthly payment if you borrow $5800 at a monthly rate of 0.01% for 22 months. OThis value is your monthly payment if you borrow $5800 at a monthly rate of 22% for 1 months. OThis value is your monthly payment if you borrow $5800 at a monthly rate of 0.22% for 1 months. (b) Express the monthly payment for a loan of $5000 at a monthly rate cent.) M 5000 ✓) $167.2 0.09 x 35 0.9% paid over 35 months in functional notation, and then calculate its value. (Round your answer to the nearest x
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:If you borrow P dollars at a monthly interest rate of r (as a decimal) and wish to pay off the loan in t months, then the monthly payment M = M(P, r, t) can be calculated, in dollars, using the following
formula.
M = _Pr(1 + r) ².
(1+r)²-1
(a) Calculate M(5800, 0.01, 22). (Round your answer to the nearest cent.)
$ 294
Explain in practical terms what your answer means.
This value is your monthly payment if you borrow $5800 at a monthly rate of 1% for 22 months.
OThis value your monthly payment if you borrow $5800 at a monthly rate of 0.01% for 22 months.
OThis value your monthly payment if you borrow $5800 at a monthly rate of 22% for 1 months.
OThis value is your monthly payment if you borrow $5800 at a monthly rate of 0.22% for 1 months.
✓
(b) Express the monthly payment for a loan of $5000 at a monthly rate of 0.9% paid over 35 months in functional notation, and then calculate its value. (Round your answer to the nearest
cent.)
M 5000
X 35
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0.09
✔) = $167.2
x
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