Chapter 13.4, Problem 18E

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4th Edition

James Stewart + 2 others

ISBN: 9781305071742

Textbook Problem

**Mortgage** What is the monthly payment on a

To determine

**To find:**

The monthly payment on a

Explanation

**Given:**

The interest rate per year is given by,

Amount of loan is

Period of payment is

**Approach:**

If a loan

The total amount paid on the loan is calculated as,

Amount of a monthly payment

**Calculation:**

For calculating monthly payments,

The number of regular equal payments is given by,

The interest rate is given by,

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