Given a loan amount P, an annual interest rate r, and the length of the loan in years, find the monthly payment R necessary to pay off the loan by completing parts a through c. Represent the number...

Given a loan amount P, an annual interest rate r, and the length of the loan in years, find the monthly payment R necessary to pay off the loan by completing parts a through c. Represent the number of monthly payments by n.

Amount	Rate	Time
$50,000	5%	20 years

Question content area bottom

Part 1

a. Calculate

P1+r12n

and call this number A.

A=enter your response here

(Round to two decimal places as needed.)

Part 2

b. Calculate

1+r12n−1r12

and call this number B.

B=enter your response here

(Round to two decimal places as needed.)

Part 3

c. Let R =

AB.

The monthly payment necessary to pay off the loan is

R=$enter your response here.

(Round up to the nearest cent.)

Jun 07, 2022

SOLUTION.PDF

Given a loan amount P, an annual interest rate r, and the length of the loan in years, find the monthly payment R necessary to pay off the loan by completing parts a through c. Represent the number...

Question content area bottom

Part 1

Part 2

Part 3

Get Answer To This Question

Related Questions & Answers

Submit New Assignment

Given a loan amount​ P, an annual interest rate​ r, and the length of the loan in​ years, find the monthly payment R necessary to pay off the loan by completing parts a through c. Represent the number...

Question content area bottom

Part 1

Part 2

Part 3

Get Answer To This Question

Related Questions & Answers

Submit New Assignment

Given a loan amount P, an annual interest rate r, and the length of the loan in years, find the monthly payment R necessary to pay off the loan by completing parts a through c. Represent the number...