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In Exercises 1–6, give the values of i and n under the given conditions.
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3% interest compounded monthly for 2 years
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- Section 10 – Topic 8 Calculating Loan Payments Use the compound interest formula F = P(1+ i)", where F is the future value, P is the principal amount of the loan, i is the monthly interest rate and n is the number of months. Use the summation formula S, = a to determine the monthly payments. 1. Estimate the monthly payments of a loan for a 2016 Ford Mustang GT. The amount borrowed is $33,000 at a 4.5% yearly interest rate compounded monthly for 72 months.b. Suppose that $250 is invested in an account that earns 5% annual interest. Find the amount money in the account after 20 years.You deposit $500 in an account earning 7% interest compounded annually. How much will you have in the account in 15 years? ces Question Help: DVideo 1 DVideo 2 Message instructor Submit Question MacBook Air 4) F3 F5 F7 F9 @ 24 % & * 6. 7 8 9 { Q W R Y O P S F K > C V alt command optic command .• ** *3
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