Determine the monthly payment for the installment loan. Annual Amount Financed (P) Rate (r) $850 Number of Percentage Payments per Time in Year (n) Years (t) 4.5% 12 Click the icon to view the partial APR table. The monthly payment is $|. (Round to the nearest cent as needed.)

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 17E: Mortgage what is the monthly payment on a 30-year mortgage of $100,000 at 8% interest per year,...
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12
Determine the monthly payment for the installment loan.
Amount
Financed (P) Rate (r)
$850
Annual
Percentage
Number of
Payments per Time in
Year (n)
Years (t)
4.5%
12
3
Click the icon to view the partial APR table.
....
The monthly payment is $
(Round to the nearest cent as needed.)
Transcribed Image Text:Determine the monthly payment for the installment loan. Amount Financed (P) Rate (r) $850 Annual Percentage Number of Payments per Time in Year (n) Years (t) 4.5% 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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