Explanation Given: The function M ( P , r , t ) gives the monthly payment for a loan of P dollars at an APR of r as a decimal if the loan is to be paid off in t months. $ 23 , 000 is borrowed at an APR of 5 % to buy a car. Approach: Find the value of 5 % in decimal as follows, 5 % = 5 100 = 0.05 t = 4 years = 48 months Replace P with $ 23 , 000 , r with 0.05 and t with 48 months in function M ( P , r , t ) to express the function notation for the monthly payment for loan $ 23 , 000 dollars, if APR is 5 % as decimal and loan to be paid off in 4 years

6th Edition

ISBN: 9780357422496

Author: Crauder

Publisher: CENGAGE L

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Chapter 1.1, Problem 30SBE

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The functional notation to express the monthly payment if the borrowed amount is $23,000 at an APR of 5% and time required to pay off loan is 4 years.

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Chapter 1.1, Problem 29SBE

Chapter 1.1, Problem 31SBE

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To use: The functional notation to express the monthly payment if the borrowed amount is $ 23 , 000 at an APR of 5 % and time required to pay off loan is 4 years .

Solution Summary: The author explains how the function M(P,r,t) expresses the monthly payment for loan 23,000 at an APR of 5%.

Concept explainers

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To use:

The functional notation to express the monthly payment if the borrowed amount is $23,000 at an APR of 5% and time required to pay off loan is 4 years.

Want to see the full answer?

Chapter 1 Solutions

To use: The functional notation to express the monthly payment if the borrowed amount is $ 23 , 000 at an APR of 5 % and time required to pay off loan is 4 years .

Solution Summary: The author explains how the function M(P,r,t) expresses the monthly payment for loan 23,000 at an APR of 5%.

Concept explainers

Videos

To use: The functional notation to express the monthly payment if the borrowed amount is $23,000 at an APR of 5% and time required to pay off loan is 4 years.

Want to see the full answer?

Chapter 1 Solutions

To use:

The functional notation to express the monthly payment if the borrowed amount is $23,000 at an APR of 5% and time required to pay off loan is 4 years.