You can calculate the monthly payment M (in dollars) for a loan using the formula
L
M=
...
Mathematics, 18.03.2021 01:00 giordanolucia18
You can calculate the monthly payment M (in dollars) for a loan using the formula
L
M=
k=1
+i
where I is the loan amount (in dollars), i is the monthly interest rate (in decimal form), and t is the term (in months).
You are attending college. You take out a 15-year student loan for $15,000. The annual interest rate of the loan is 2.5%.
The monthly payment is
Answers: 2
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