1 Answered Questions for the topic Installment Loan

Installment Loan Algebra Monthly Payment


For a certain installment loan, the monthly payment M is given by M = Pr(1 + r)t (1 + r)t - 1

where P is the original amount borrowed, r is the monthly interest rate as a decimal, and t is the number of months required to pay off the loan. What is the monthly payment if the monthly interest... more

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