Math Solutions

(See Steps) Business The monthly payment on a car loan at 12 \% interest per year on the unpaid balance is given by f(n)=(P)/(frac1-1.01^-n).01 where P

Question: Business The monthly payment on a car loan at $12 \%$ interest per year on the unpaid balance is given by

\[f(n)=\frac{P}{\frac{1-1.01^{-n}}{.01}}\]

where $P$ is the amount borrowed and $n$ is the number of months over which the loan is paid back. Find the monthly payment for each of the following loans.

$8000 for 48 months
$8000 for 24 months
$6500 for 36 months
$6500 for 60 months

Price: $2.99

Solution: The downloadable solution consists of 1 pages
Deliverable: Word Document

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(See Steps) Business The monthly payment on a car loan at 12 \% interest per year on the unpaid balance is given by f(n)=(P)/(frac1-1.01^-n).01 where P

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