4) Determine the monthly payment for the installment loan.Number ofPercentage Payments per Time inYear (n)AnnualAmountFinanced (P) Rate (r)Years (t)$10007.5%123Click the icon to view the partial APR table.The monthly payment is $(Round to the nearest cent as needed.)

Here given P=$1000r=7.5% =0.075n=12t=3

Determine the monthly payment for the installment loan. Annual Amount Financed (P) Rate (r) $1000 Number of Percentage Payments per Time in Year (n) 12 Years (t) 3 7.5% Click the icon to view the partial APR table. The monthly payment is $ (Round to the nearest cent as needed.)

Determine the monthly payment for the installment loan. Annual Amount Financed (P) Rate (r) $1000 Number of Percentage Payments per Time in Year (n) 12 Years (t) 3 7.5% Click the icon to view the partial APR table. The monthly payment is $ (Round to the nearest cent as needed.)

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter13: Sequences And Series

Section13.4: Mathematics Of Finance

Problem 16E

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Question

Determine the monthly payment for the installment loan.
Number of
Percentage Payments per Time in
Year (n)
Annual
Amount
Financed (P) Rate (r)
Years (t)
$1000
7.5%
12
3
Click the icon to view the partial APR table.
The monthly payment is $
(Round to the nearest cent as needed.)

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