John takes a small business loan for $18,000. The term for repayment is 60 months and the annual interest rate is 5.25%. Using the monthly payment formula, what is the estimated monthly payment? monthly payment = P. _r(¹+r)" (1+r)"-1

John takes a small business loan for $18,000. The term for repayment is 60 months and the annual interest rate is 5.25%. Using the monthly payment formula, what is the estimated monthly payment? monthly payment = P. _r(¹+r)" (1+r)"-1

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter7: Percents

Section7.7: Simple And Compound Interest

Problem 16E

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