Determine the monthly cost, if you plan to pay off your student loans in 15 years. Variables Values M ? P $243,624 r 3.75 n 180 months

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 20E: Mortgage A couple can afford to make a monthly mortgage payment of $650. If the mortgage rate is 9%...
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Question 1 .

note: Convert the % into decimal. 

Determine the monthly cost, if you plan to pay off your
student loans in 15 years.
Variables
Values
M
?
$243,624
r
3.75
180 months
Transcribed Image Text:Determine the monthly cost, if you plan to pay off your student loans in 15 years. Variables Values M ? $243,624 r 3.75 180 months
r \n
P(7)(1+z)"
12,
12,
M
(1+ 표)
2)" – 1
Transcribed Image Text:r \n P(7)(1+z)" 12, 12, M (1+ 표) 2)" – 1
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