Find the monthly payment on a loan of $1500 at 8 % annual interest paid over 18 months
Answer to Problem 57PPE
Monthly payment is $88.71
Explanation of Solution
Given:
The formula below gives the monthly payment m on a loan as a function of the amount borrowed A, the annual rate of interest r(expressed as a decimal) and the number of months n of the loan. Use this formula and a calculator.
Concept Used:
Substitute the value: A = $1500; r = 8% = 0.08 and n = 18.
Calculate for ‘ m ‘
Calculation:
The formula:
m = $88.71
Thus, monthly payment is $88.71
Chapter 11 Solutions
High School Math 2015 Common Core Algebra 1 Student Edition Grade 8/9
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