Explanation Given: The amount of loan is $ 4 , 560 . The rate of interest is 21 % . The time period ( t ) is 20 months . Approach: The formula to calculate the present value of the ordinary annuities is given by, m = [ P ( r n ) 1 − ( 1 + r n ) − n t ] Here, P is present value, m is amount of loan, r is rate of interest, t is time period, and n is frequency. Calculation: The value of monthly payment for the loans is calculated as follows, Substitute $ 4 , 560 for P , 21 % for r , 12 for n , and 1.66 yr for t in the above mentioned formula.

Nature of Mathematics (MindTap Course List)

13th Edition

ISBN: 9781133947257

Author: karl J. smith

Publisher: Cengage Learning

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Chapter 11.6, Problem 35PS

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The monthly payment for $4,560 loan for 20 months at 21%.

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Chapter 11.6, Problem 34PS

Chapter 11.6, Problem 36PS

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Chapter 11 Solutions

Nature of Mathematics (MindTap Course List)

Ch. 11.1 - IN YOUR OWN WORDS What is interest?Ch. 11.1 - Prob. 2PS Ch. 11.1 - Prob. 3PS Ch. 11.1 - Prob. 4PS Ch. 11.1 - Prob. 5PS Ch. 11.1 - Prob. 6PS Ch. 11.1 - Use estimation to select the best response in...Ch. 11.1 - Prob. 8PS Ch. 11.1 - Prob. 9PS Ch. 11.1 - Level 1 Use estimation to select the best response...

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The monthly payment for $ 4 , 560 loan for 20 months at 21 % .

Solution Summary: The author calculates the value of monthly payment for 4,560 loan at 21%.

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The monthly payment for $ 4 , 560 loan for 20 months at 21 % .

Solution Summary: The author calculates the value of monthly payment for 4,560 loan at 21%.

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To find: The monthly payment for $4,560 loan for 20 months at 21%.

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Chapter 11 Solutions

To find:

The monthly payment for $4,560 loan for 20 months at 21%.