12t
M=
P (1) (1 + f2)
Mathematics, 18.03.2021 03:20 amandanunnery33
5
Monthly payments can be found using the formula below:
12t
M=
P (1) (1 + f2)
(1 + i)"
12t
- 1
M=
P= amount borrowed
T =
n =
The Banks family would like to borrow $12,500 to take a family vacation. They qualified
for an annual interest rate of 4.8% for a 4 year loan. What will be the monthly payment?
years
Answers: 2
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You know the right answer?
5
Monthly payments can be found using the formula below:
12t
M=
P (1) (1 + f2)
12t
M=
P (1) (1 + f2)
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