Practicing calculations: For each of the following functions C = C(t), find the value of C(0), reporting the answer rounded to two decimal places. Use your calculator where it is appropriate. 156:...

Practicing calculations: For each of the following functions C = C(t), find the value of C(0), reporting the answer rounded to two decimal places. Use your calculator where it is appropriate.

156:

Amortization: If you borrow P dollars at a monthly interest rate of r (as a decimal) and wish to pay off the loan in t months, then the monthly payment M = M(P , r, t) can be calculated using

a. Calculate M(5500, 0.01, 24) and explain in practical terms what your answer means.

b. Express the monthly payment for a loan of $8000 at a monthly rate of 0.6% paid over 36 months in functional notation, and then calculate its value.