Use the monthly payment formula to find the monthly payment for a $1,000, one year loan at an APR of 7.5%

So for us to find our monthly payment, we can just go ahead and use this formula right here. So p is supposed to be to our initial loan. So 1000 our rate are is supposed to be whatever our original ratings divided by 12. So we would go ahead and first changes to a decimal 0.7 5/12 software to that end. And then one plus again our rates was 0.7 5/12. And then this is going to be raised to end the number of months in our lump, which is 12. Then we'll divide all of this by one plus 0.7 5/12 raising the child. Why is one Now? We can just go ahead and plug all this into our calculators. So let's see 0.75 about about 12 times one album is going to be 6.25 and then 0.75 divided by 12 plus one. Um This is just 1.625 raised in the 12 and then the same thing down here and then minus four. Yeah now ah in the numerator that is going to be something around 6.735 to own 03 And then this will be all over 1.0 65 raised to the 12 minus one. And so that's 0.7 07763 to five. Now we can go ahead and divide these two three for three. To find if I what we just cut and doing that. Well give us a payment of about 86757Butwewouldwanttoprobablyroundthisuptonearsent.Sothe86757Butwewouldwanttoprobablyroundthisuptonearsent.Sothe86.76 6. So this is what we would expect our average payment to be for this $1000 low.

Step-by-step explanation:

The formula :

where r is years ; N is the percentage by which we increase the price ; A is the original price

In our case :

Then the monthly salary is equal to:

1. 22

2. 1

3. 7

4. 18

step-by-step explanation

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