Determine the monthly payment for the installment loan.

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 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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Determine the monthly payment for the installment loan.
 
Amount Financed​ (P)
Annual Percentage Rate​ (r)
Number of Payments per Year​ (n)
Time in Years​ (t)
​$16,000
5.5​%
12
3
 
 
 
The monthly payment is
​$
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