Gerald wants to borrow $12,000 in order to buy an engagement ring. he wants to repay the loan by making monthly installments for two years.
if the interest rate on this loan is 9 1 2 % per year, compounded monthly, what is the amount of each payment?

  $550.97

Step-by-step explanation:

The amortization formula will tell you the payment amount.

  A = P(r/12)/(1 -(1 +r/12)^(-12t))

where A is the monthly payment, P is the principal amount of the loan, r is the annual interest rate, t is the number of years. Using your values, this is ...

  A = $12,000(0.095/12)/(1 -(1 +0.095/12)^(-12·2)) ≈ $550.97

The amount of Gerald's payment is $550.97.

answer: okw

step-by-step explanation:

hello from mrbilldoesmath!

answer:

the domain is the set { -2, 0, 2, 3}

discussion:

the domain is the set of x values in the ordered pairs (x,y). taking the x, or first component, of each ordered pair gives   -2, 0, 2, 3.

you,

mrb