Concept explainers
Find the monthly payment on a loan of $3000 at 6 % annual interest paid over 24 months
Answer to Problem 58PPE
Monthly payment is $132.96
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 = $3000; r = 6% = 0.06 and n = 24.
Calculate for ‘m ‘
Calculation:
The formula:
m = $132.96
Thus, monthly payment is $132.96
Chapter 11 Solutions
High School Math 2015 Common Core Algebra 1 Student Edition Grade 8/9
Additional Math Textbook Solutions
Linear Algebra with Applications (9th Edition) (Featured Titles for Linear Algebra (Introductory))
Intermediate Algebra for College Students (7th Edition)
Linear Algebra and Its Applications (5th Edition)
Algebra and Trigonometry
Differential Equations and Linear Algebra (4th Edition)
Linear Algebra with Applications (2-Download)
- Algebra and Trigonometry (6th Edition)AlgebraISBN:9780134463216Author:Robert F. BlitzerPublisher:PEARSONContemporary Abstract AlgebraAlgebraISBN:9781305657960Author:Joseph GallianPublisher:Cengage LearningLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning
- Algebra And Trigonometry (11th Edition)AlgebraISBN:9780135163078Author:Michael SullivanPublisher:PEARSONIntroduction to Linear Algebra, Fifth EditionAlgebraISBN:9780980232776Author:Gilbert StrangPublisher:Wellesley-Cambridge PressCollege Algebra (Collegiate Math)AlgebraISBN:9780077836344Author:Julie Miller, Donna GerkenPublisher:McGraw-Hill Education