If you take out a 5 year loan of $8000 at 6% interest compounded monthly, then what will be each monthly payment correct to the nearest dollar?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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If you take out a 5 year loan of $8000 at 6% interest compounded monthly, then what will be each monthly payment correct to the nearest dollar?
Hint: You may want to use the following formula:
IA
R =
1-(1+ i)-"
Transcribed Image Text:If you take out a 5 year loan of $8000 at 6% interest compounded monthly, then what will be each monthly payment correct to the nearest dollar? Hint: You may want to use the following formula: IA R = 1-(1+ i)-"
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