Mathematics, 19.01.2021 23:10 omoaye

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 rate as a decimal is 0.05, the amount borrowed was $17,000, and the loan is paid off in 36 months? (Round your answer to two decimal places.)

Answers: 1

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