. A. 510.97 B. 541.02 C. 618 D. 551.04 E. None. B. Use the function in this prob
ID: 1108233 • Letter: #
Question
.
A. 510.97
B. 541.02
C. 618
D. 551.04
E. None.
B.
Use the function in this problem to find the monthly payment on a $35,650 loan at 5.55% for 6 years.
A. $788.22
B. $816.52
C. $583.28
D. $794.24
E. Not listed
Suppose you borrow some money when you buy a new car. The monthly car payment is given by the function of three variables Pr M = f(P,r,t) = where P is 12t 121-1+ 12 the amount of money borrow, i is the interest rate written as a decimal, and t is time expressed in years. Suppose you borrowed $27,500 at 7.5% for 5 years. What is the monthly payment?Explanation / Answer
1.
monthly payment
=(27500*7.5%)/(12*(1-(1+(7.5%/12))^(-12*5)))
=551.04
2.
monthly payment
=(35650*5.55%)/(12*(1-(1+(5.55%/12))^(-12*6)))
=583.28
the above are the answers
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